MAM
YES BANK wins Digital Payments Award at MEITY Startup Summit 2019
MUMBAI: Commenting on the recognition, Ritesh Pai, Chief Digital Officer, YES BANK said “The prestigious recognition from the Ministry of Electronics and Information Technology (MeitY), is a testament to the Bank’s leadership in the Digital Payments space, backed by robust innovation and technology frameworks. YES BANK is proud to be at the forefront of innovations by bringing futuristic technologies to the present banking system and redefining customer experience.”
YES BANK will continue to contextualize digital payments across retail and corporate customers and fuel the transaction growth using payment technologies such as UPI, IMPS, AEPS, NETC and NCMC. As tools like Aadhaar and Digital locker evolve, the Bank shall also focus on creating a paperless, fully digital banking experience to retail customers. The Bank is also expanding geographies into rural areas to reach the hitherto unbanked and under banked through various initiatives with the State Governments.
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.
