MAM
Siyaram’s announces ‘Textile Mahakumbh’ to discuss future of retail business
MUMBAI: Siyaram’s, one of the leading textile brands in men’s fashion for over four decades, today announced the launch of its initiative ‘Textile Mahakumbh’ (https://docs.google.com/forms/d/e/1FAIpQLSeBWrrLa-Dc8IK3ikw8im0h9y2swuQmVQZT6P2l4XvyK9CNag/viewform?usp=sf_link), a unique concept that aims to bring together over 25,000+ retailers from across the country on a single platform. Textile Mahakumbh is scheduled to be hosted on Saturday, 23 May 2020 and will be live-streamed on YouTube. The event will bring together successful retailers from the textile industry to discuss the best practices to do the business and will focus on the shaping the future of retail business in the country through sharing their experiences and tips.
“We are proud to announce the Textile Mahakumbh for the first time in India which will provide a much needed opportunity for retailers to conduct their business seamlessly. Considering the current scenario and the immense challenges faced by the textile industry due to the outbreak of Covid-19 pandemic, the whole chain from manufacturer to the retailers across India have suffered huge losses with activities coming to a standstill. There is a serious need for the entire retail community to share a common platform to plan the way forward and overcome the ongoing situation,” Siyaram Silk Mills Ltd president and ED Gaurav Poddar.
Retailers in India started feeling the heat immediately after the announcement of nation-wide lockdown in India and are still coping with a complete pause in their business. Textile Mahakumbh will create a platform where experienced retailers will share their knowledge to increase sales, profits, manage inventory and also help them make optimal use of digitalization. “We have always been committed to serve the retail community with an active voice of the problems faced by the sector. With Textile Mahakumbh, we hope to empower the retailers and motivate them to rise above the occasion with élan”, adds Poddar.
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.
