homeeconomy News

HUL, Nestle voluntarily give Rs 175 crore to govt for violating anti profiteering norms, says report

HUL, Nestle voluntarily give Rs 175 crore to govt for violating anti-profiteering norms, says report

HUL, Nestle voluntarily give Rs 175 crore to govt for violating anti-profiteering norms, says report
Profile image

By CNBC-TV18 Aug 14, 2018 9:29:37 AM IST (Published)

The national anti-profiteering authority ensures that companies pass the tax cut benefits to them.

Retail majors Hindustan Unilever and Nestle voluntarily deposited Rs 175 crore to the government's consumer welfare fund as a compensatory measure for not complying with the anti-profiteering norm of Goods and Services Tax (GST), Business Standard reported.

Recommended Articles

View All

The anti-profiteering body told BS that the deposits made by the companies are provisional measures and the final amount will be jotted down after they examine the cases.
The national anti-profiteering authority was set up under GST to protect consumers’ interest and to ensure that companies pass the tax cut benefits to them.
Hindustan Unilever deposited Rs 160 crore, while Nestle deposited Rs 15 crore. The former believes that it has deposited the profiteered amount, while Nestle is still in the process of depositing the second tranche of the benefits.
The companies, according to the authorities, had failed to comply with the GST council's decision of slashing GST on 178 items to 18 percent.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng