MAM
The Ad Club & AAAI decides to refund Abby 2020 entry fees
MUMBAI: The Advertising Club has been curating many idea exchange and awards platforms that celebrate extraordinary creative work. Abby Awards presented by The Advertising Club is one such award that has been held for the past 50 years. Held every year at the prestigious Goafest, the awards have gone on to become the most coveted creative recognition in the Industry. However, it has taken an unprecedented happening – the Covid2019 and associated lockdown, to break this consistency for the first time in the history of ABBY awards.
The pandemic has most certainly thrown new challenges and has disrupted the schedules of many reputed and popular global events. It has brought about changes which were hitherto unheard of. Despite these very challenging circumstances, the spirit of ABBYs was high and we received more than 2500 entries, which was extremely heartening.
The organising committee of ABBY Awards discussed the probability of holding or not holding the awards at length on multiple occasions. Given the current business environment and outlook, The Advertising Club and AAAI have unanimously decided that the money towards the submission of the entries be refunded and the awards be paused for the year. This is in the interest of the A&M community, given the need for cost optimization. A sum of Rs.1,40,00,000 (One crore forty lakhs) received through submission of entries, thus 99 per cent of the money received, have been refunded.
Going forward, in the best interest of the entrants, we are contemplating submission of two years of work in the coming year so that they will not lose out on an opportunity to enter the good work done this year.
The Advertising Club president Partho Dasgupta said “We stand with the A&M community during these difficult times. It has been an unprecedented year requiring unprecedented decisions. In such circumstances, it is most important to optimize costs and focus on delivering business efficiencies. Given the pressure on cost and our focus on driving the industry’s growth agenda, it was imperative to pivot towards facilitating reduction in expenditure. We are sure that the tide will soon turn and we will see a definite recovery that will allow us to come back better and stronger.”
The Advertising Club will continue to work on behalf of the advertising and marketing industry and is optimistic that things will soon return to normalcy. The apex industry body will take fresh stock of the situation just before the commencement of the festive season.
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.
