FinTech
IPO-Bound Pine Labs Faces Tax Demands & Auditor Concerns
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SUMMARY
IPO-bound fintech major Pine Labs is currently grappling with multiple tax and legal challenges in India, amounting to over INR 300 Cr in GST-related claims, as per its draft red herring prospectus (DRHP)
The most recent development came in February 2025, when the Joint Commissioner in Bangalore upheld a tax demand of INR 214.1 Cr (excluding interest and penalties) raised by GST Intelligence, Mumbai
Apart from GST issues, Pine Labs’ audit reports for FY22, FY23, and FY24 highlight some concerns around internal financial…
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