Jubilant Foodworks Gets GST Demand Notice for Rs 46.9 Crore; Shares Down 2.35% 

New Delhi, July 14: Jubilant FoodWorks Ltd (JFL), India’s leading quick-service restaurant chain operator has received a GST demand notice for Rs 46.9 crore, according to a regulatory filing by the company. The company shares were down 2.35%.

JFL said it will challenge the GST department’s notice.

The show cause notice alleges that the Input Tax Credit (ITC) has been reversed in the “incorrected table” while filing the GST return of JFL, said the flagship company of the Jubilant Bhartia Group.

“The company has received a show cause notice (SCN) from the GST Department proposing a GST demand amounting to Rs 46,90,96,051,” said JFL, which has franchise rights for global QSR (quick-service restaurant) brands as Dominos and Popeyes.
The Bhartiya family-promoted firm said it “believes that the SCN issued has not considered the merits” of the submissions filed by the company.

“The company is in the process of filing detailed objections within the stipulated timelines as per the SCN. Post such filings, the impugned SCN and proposed demand is likely to be dropped,” it said.

JFL also said that the “alleged wrong presentation/classification of ITC reversal” has “no financial impact” on the company.

JFL received the show cause notice on July 13.

Stock Market Snapshot

Jubilant FoodWorks share price remained under pressure on Monday, with the stock extending its losses through the afternoon session.
Shares were trading at ₹421.25, down ₹10.15 or 2.35%, as of 2:56 PM IST on July 14. The stock opened at ₹429 and touched ₹433.70 before slipping to a low of ₹420.80, as selling intensified during the day.
The decline came despite the stock recovering from its day’s low, indicating investors largely remained cautious through the session.

(With inputs from PTI)

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