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Business EconomyPosted at: Sep 22 2021 7:28PM


CAIT demands forensic audit of Amazon financial statements

New Delhi Sep 22 (UNI) The Confederation of All India Traders (CAIT) on Wednesday demanded a forensic audit of Amazon financial statements after the US e-commerce giant Amazon reportedly spent an amount of Rs 8,556 crore as ‘legal expenses’ to maintain its presence in India during 2018-20.
In a statement CAIT said, “looking at the irregularities committed by Amazon, it is required that a comprehensive investigation including Income Tax Department, Central & State GST departments, SEBI, Ministry of Corporate Affairs, and ED should be conducted simultaneously to bring truth of their business model”.
It said, “CAIT will launch a huge protest tomorrow in which thousands of trade organizations associated with CAIT in more than 500 districts across the country to give a memorandum to the District collectors in all States demanding a CBI inquiry into the matter,”.
CAIT has also convened an emergent meeting of its National Governing counsel at Varanasi on the 30th September and 1st of October to discus present state of e- commerce business of India, steps taken by the Government and to decide future course of action.
Talking to UNI Secretary General Mr Praveen Khandelwal, “the amount paid by the Amazon is huge and it’s not viable for a company to spend 20 percent of its income on legal service,”
“It creates doubts and that why have demanding forensic audit along with CBI inquiry in it,” he told UNI.
He added, “on the other hand Amazon is registering a loss of Rs 5000 t0 7000 every year and then what is the mechanism that is making Amazon’s business sustainable in India. It’s a big question mark,”.
we have already requested the Union Minister of Cooperate affairs Piyush Goyal to conduct a speedy inquiry into it and a strict action must be taken against those official who were involved in it,” he said.
As per sources, the company accounting filing said, Amazon Retail India Pvt Ltd, Amazon Seller Services Pvt Ltd, Amazon Transportation Services Pvt Ltd, Amazon Wholesale (India) Pvt Ltd, and Amazon Internet Services Pvt Ltd (AWS) collectively spent Rs 3,240 crore during 2018-19 and Rs 5,126 crore during 2019-20 as legal fees in India.
UNI JA SHK
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