Brands
Flipkart announces ‘Watch Exchange’ in partnership with Fossil and Goonj
MUMBAI: Flipkart has introduced India’s first-ever online exchange program for watches. This first-of-its-kind initiative is in partnership with leading watch brand Fossil and Goonj. The watches that are received through this exchange program will be contributed to Goonj—an award winning voluntary organization in India. Once the sale is over, the watches will be distributed by Goonj in the areas where they currently offer humanitarian services.
Customers can avail upto Rs.1500 off on watches under Fossil brand (Skagen, Emporio Armani, DKNY and Michael Korrs) in exchange of old watches till end of May 2016.The program is aimed at offering customers’ value for their old watches as well as a chance to upgrade to premium styles, designs and technology.
Commenting on the latest exchange program, Rishi Vasudev, VP – Fashion, Flipkart, said, “Flipkart Watch Exchange, is the first-ever online exchange offer on watches in India which will help customers make a difference. With this new initiative, our focus is to offer customers an easy way to exchange and upgrade to premium models that they desired to buy next. Additionally, our partnership with Goonj will also help customers with the right channel to donate their watches. Last year, we launched our exchange programs for mobiles and appliances which has been a great success. Introduction of exchange program for watches is a first-of-its-kind effort that the Indian watch industry will see.”
Rishi added, “Customers are increasingly browsing and shopping for watches online. Flipkart has witnessed tremendous growth in demand across budget and premium watch brands. With close to two lakh watches from across 50 brands, this is one of the fastest growing category under Flipkart lifestyle.”
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.
