MAM
Toy story triumph: Funskool wins top honour for export excellence
MUMBAI: Playtime just turned into prize time. Funskool India, the country’s biggest toymaker, has clinched the coveted platinum award from the Sports goods & toys export promotion council (SGEPC) for outstanding export performance in 2024–25.
The award, highest in its category, was presented to, Funskool India Ltd., CEO, K A Shabir at a ceremony in New Delhi attended by union minister of youth affairs and sports, Dr Mansukh Mandaviya.
Celebrating the win, Shabir said, “We are truly honoured to receive this recognition. It reflects our team’s relentless focus on quality, innovation, and excellence. At Funskool, we have always believed in showcasing India’s toy-making capabilities to the world, and this award reaffirms our mission to make India a global hub for toy manufacturing.”
Founded in 1987 and backed by the MRF Group, Funskool has been a pioneer in introducing safe, high-quality toys to Indian households, while also exporting a vast range of products worldwide. With state-of-the-art facilities in Goa and Ranipet, the company continues to raise the bar for India’s toy industry.
For parents and children alike, Funskool’s success means more than just play, it’s proof that Indian toys are winning hearts and markets across the globe. After all, when it comes to fun, this homegrown brand knows how to play to win.
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.
