TikTok owner allowed to operate bank accounts

Mumbai: The Bombay High Court has allowed Chinese company ByteDance, which owns the banned app TikTok to operate its Indian bank accounts, that had been frozen by the Goods and Services Tax (GST) authorities over alleged tax evasion.

The court said the company can operate its accounts after depositing a sum of Rs 78.91 crore in a state-run bank.

A bench of Justices SP Deshmukh and Abhay Ahuja directed ByteDance to deposit Rs 78.91 crore in any nationalised bank towards the demand raised by the GST authorities and said the company could operate its other Indian bank accounts and utilise the remaining funds.

The indirect taxes department has accused ByteDance of evading taxes and not paying its GST dues in full, a charge denied by the Chinese firm.

ByteDance approached the HC last month denying all tax evasion allegations and seeking various reliefs, including challenging the provisional attachment order for freezing of its bank accounts in India.

 

NT Bureau