Brands
Covid effect: TVS Motor’s domestic sales plunge 33% in April
NEW DELHI: After holding steady on the road to recovery, TVS Motor Company sales plunged 26 per cent to 2,38,983 units in the month of April 2021. This is a significant downturn from the 3,22,683 units the company sold in March 2021.
The company’s total two-wheelers sales in April stood at 2,26,193 units compared to 3,07,437 units in March. Domestic two-wheeler sales of TVS Motor stood at 1,31,386 units last month, as against 2,02,155 units in March this year.
Though the company has seen an overall drop of nearly 33 per cent compared to its performance in March, it is nevertheless a massive growth if one considers its performance during the same period last year, when sales crashed to zero in the domestic market due to the nationwide lockdown.
“Domestic sales in April 2021 are lower due to lockdowns in many states, but retails continue to be ahead of despatch. We have reduced dealer stocks to support the channel partners and will produce to maintain adequate inventories for customer demand when it reopens,” TVS Motor noted.
The company’s total exports registered sales of 1,07,185 units in April 2021 as against 9,640 units registered in the month of April 2020. Two-wheeler exports recorded sales of 94,807 units in April 2021 as against 8,134 units in April 2020.
Three-wheelers manufactured by TVS Motor recorded sales of 12,790 units in April 2021, compared to 1,506 units in the same period last year.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
