MAM
High inflation may dampen festival season spending: Ipsos Survey
MUMBAI: Nearly four-fifth (78 per cent) Indians claimed their planned expenditure during this festival season will be less than Rs 10,000, according to the ‘Mood of the Nation Survey‘ conducted by global research firm Ipsos.
Among the respondents (43 per cent) who said that there spend during this Diwali is less than Rs 5000 are mostly from middle and lower middle income families.
Ipsos India head of marketing communication Biswarup Banerjee said, “High inflation and an uncertain economic environment are some of the main reasons for buyers cutting down on spending.”
Less than two in 10 (16 per cent) Indians said that their shopping budget during this Diwali is between Rs 20,000 to Rs 50,000. In this group, rich and higher middle class income families were significantly higher than middle and lower middle income families.
Only five per cent of rich Indians claimed that their planned expenditure during this Diwali is more than Rs 50,000.
In Delhi, 23 per cent people claimed that their Diwali shopping budget is more than Rs 50,000 and 28% people claimed that their shopping budget is between Rs 20,000 to Rs 50,000.
In Kolkata, 92 per cent people claimed that their Durga Puja shopping budget is less than Rs 10,000.
During this festival season sweets and food items (90 per cent), clothes (86 per cent), and gifts (53 per cent) are the top three planned purchases of Indian citizen. At the fourthh position feature Electronic Goods, desired to be purchased by 30 per cent people.
A very few people also plan to buy cars (six per cent) and bikes (five per cent). These respondents mostly belong to rich and upper middle class category.
In Delhi, the top three items are sweets and food items (100 per cent), clothes (96 per cent), electronic goods (91 per cent).
Only half (52 per cent) Indians said that they were holding up their purchase decision till wDiali in anticipation of heavy discounts. In this group who is waiting till Diwali, female respondents are significantly higher than male respondents.
The remaining half of the people are not willing to wait. Male respondents are significantly higher than female respondents who are not waiting till Diwali.
Delhi (79 per cent) and Kolkata (69 per cent) topped the list in terms of holding the purchase decision till festival season discounts are announced.
“This festive season bargain-hunting may become the preferred choice for majority of Indians as higher discounts will be definitely an added incentive for spending on desired items,” added Banerjee.
Ipsos ‘Mood of the Nation‘ survey was conducted between September 24 – 27, 2012 among 420 men and women in Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Lucknow.
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.
