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Twitter bans cryptocurrency ads
MUMBAI: Twitter has officially banned cryptocurrency ads, both initial offerings and sales of virtual currency tokens. Following the announcement, the bitcoin value crashed 8 per cent to $7929. Aligning itself with other major companies like Facebook and Google, Twitter has taken the stand to protect its users from being duped.
In a statement, the social networking site said it was committed to ensuring the safety of the community. Twitter said,”We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”
Starting today all such ads will be banned. Earlier in March, Twitter started purging itself of accounts that were soliciting cryptocurrency exchanges in the name of famous personalities like Elon Musk, John McAfee, etc. In the next one month, all users will be informed of the new policy.
The exceptions are major public listed companies that deal in cryptocurrency or even secure wallet services who will be allowed to advertise.
Cryptocurrency organisations don’t work with banks or governments and instead use blockchain technology where these digital coins are created by supercomputers. However, reports suggest that the ban won’t harm them since just 1 per cent of their traffic is via such paid ads.
Reddit banned the ads in 2016 followed by Google and Facebook recently
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Facebook to ban cryptocurrency ads
Google to ban cryptocurrency ads
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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.
