MAM
Mahindra hikes prices of personal & commercial vehicles
MUMBAI: Mahindra & Mahindra (M&M), part of the Mahindra Group, has increased the prices of its personal and commercial range of vehicles by around 1.9 per cent, resulting in an increase of Rs 4,500 to Rs 40,000, depending on the model and variant.
The new prices will be effective 8 January 2021.
For instance, in the case of All New Thar, the current price increase will be effective for all bookings done between 1 December 2020 and 7 January 2021. All fresh bookings for All New Thar, effective 8 January 2021, will have prices as applicable on the date of delivery.
M&M CEO – automotive division Veejay Nakra said the price hike was necessitated due to unprecedented increase in commodity prices and various other input costs over the past many months. “We have made all efforts to reduce our costs and deferred price increase for a significant duration, but due to the quantum of input cost increase, consequently we are taking this price increase effective 8 January 2021,” he added.
Mahindra is the latest automaker to raise prices to offset input costs. Last month, Tata Motors announced an increase in retail price across its commercial vehicle range, effective 1 January 2021. Maruti Suzuki, Ford India, Honda Motors have also raised their prices with the onset of the new year.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â 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.
