Go Fashion (India) Limited {formerly known as Go Fashion (India) Private Limited}
Notes to the restated financial information
(Amount in @ Millions, except for share data or as otherwise stated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note
No.
34. Deferred tax assets and liabilities (net)
Particulars As at
30/Sun/2021] _30/Sun/2020[ _31/Mar/2021[_31/Mar/2020[_31/Mar/2019
Deferred tax assets 70.38 215.29 76.47 36.12 31.68
Deferred tax liabilities - - - - -
Net deferred tax asset] (lability) 70.38 215.29 T6aT 56.12 31.68
(a) Components of deferred tax asset /(liability)
Deferred tax asset
Property, plant and equipment and intangible assets 26.74 73.52 12.72 381 0.69
Employee benefits 7.64 20.91 8.74 6.96 5.46
Preliminary expenses disallowed 132 (458) 0.79 157 2m
Bad debts 0.60 4.99 0.64 - :
Right-to-use asset 34.08 120.45 53.58 43.78 2281
‘Gross deferred tax asset 70.38 215.29 7647 56.12 31.68
Net deferred tax asset/ (liability) (net) 70.38 215.29 7647 56.12 31.68
(b) Current tax assets and liabilities (net)
Provision for taxation 19.54 T88AD 19.53 T88AZ 136.78
Less: Taxes paid (1.76) (206.68) (1.30) (206.39) (151.34)
Net (current tax asset) / current tax liability 17.78 18.26) 18.23 7.97) (4.56)
(©) Tax expenses
Particulars For the three months period For the year ended
ended
30/Sun/2021] —_30/Sun/2020[ 31/Mar/2021[_31/Mar/2020[_31/Mar/2019
‘Current tax in respect of
Current year 26.00 204.65 136.78
Prior years (1.01) (1.58) (2.79)
Deferred Tax
Temporary differences recognised as DTA 6.22 (159.18) 20.95) (46.55) (21.26)
otal 622 (159.18) 404 156.52 112.73
Deferred Tax
Provision for employee benefits 1.10 (13.95) (1.78) (1.50) (0.50)
Difference between book balance and tax balance of property, plant and equipment (14.02) (69.71) (1) G.12) 0.84
Bad debts 0.04 (4.99) (0.64) - :
Rightto-use asset 19.51 (76.66) (9.80) (43.79) 22.81)
Preliminary expenses allowed (0.54) 6.14 0.78 1s 2.69
6.09 (159.16) (20.35) 4726) (19.78)
Less: Income tax recognized on other comprehensive income 0.13 (0.01) (0.60) O71 (a8)
“Total deferred tax expense recognised in statement of profit and loss 6.22 (059.18) (20.95) (4655) 21.26)
(d)_ Reconciliation between the income tax expense and amounts computed by applying the Indian statutory income tax rate to profit before taxes is as follows:
Particulars For the three months period For the year ended
ended
30/Jun/2021] _ 30/Sun/2020[_31/Mar/2021]_31/Mar/2020[_31/Mar/2019
Restated (Loss) / profit before tax [A] (183.74) (245.16) 135) 682.86 422.14
Income tax rate [B] 25.17% 25.17% 25.17% 25.17% 29.12%
Tncome tax expense [A"B] (46.24)| (61.70)| (7.89) 171.86 122.93
Expenses that are not deductible in determining taxable provision 0.10 - 4.23 0.15 731
Tax - exempt income 0.72 0.09 : (1.23) (8.37)
Other Comprehensive income (0.14) o.01 (0.60)} O71 (1.48)
Deductible Notional Income : - (0.68)
Benefits under Chapter VIA (147) (1.78) (5.89) Gy (1.46)
Othe 53.25 (95.81) 15.88 (6.28) G61)
Tax paid pertaining to the previous years - : (01) (1.58) 2.79)
“Total tax expense / (credit) recognised in the statement of profit and loss 622 (159.18) 404 156.52 112.73

 

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