Noida, February 05, 2019: This is with reference to the order passed by National Anti-Profiteering Authority (NAA) on 4th February 2019 with respect to Jubilant FoodWorks Limited.
Jubilant FoodWorks unreservedly supported the reduction of GST on restaurants to 5%, as we believed it to be an extremely progressive and growth-enabling measure.
In the absence of any explicit rules and guidelines, we followed the spirit of the law and passed on the benefits of GST reduction to our customers with immediate effect.
We would like to assert that the loss to the company due to Input Credit withdrawal was far higher than the price increase that was taken, and this wasn’t taken into account by the NAA.
We are studying the order in detail and will be exploring all possible options for the future.
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