ITC, Patanjali now on GST anti-profiteering list, says report
FMCG and retail majors ITC and Baba Ramdev’s Patanjali Ayurved are likely to be under the lenses of the National Anti-Profiteering Authority in GST as the two companies are believed to not be transferring the GST benefits to the consumers in a timely manner.
Sources told the paper that the two firms are being investigated along with P&G, J&J, among others. ITC, the paper said, received the notice asking whether the firm has passed on the GST rate cut benefit on 178 of its products.
An ITC source told the paper that the firm is being asked if they are passing on the tax benefit to the consumers and if the benefit is not being passed on, how much profit the said firms are making out of it. ITC confirmed with the paper that it received a notice and told the paper that they have been cooperating with the officials.For Patanjali, sources told the paper, that the company has an anti-profiteering amount collection of nearly Rs 176 crore, until August 2018 and said they are extending their investigation of the firm’s financials in the firm till March 2019.
Source- CNBC TV18.
The post ITC, Patanjali now on GST anti-profiteering list, says report appeared first on GST Station.
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