Patanjali held guilty of not passing on GST rate cut to consumers
By MYBRANDBOOK
Patanjali Ayurved had denied consumers the benefit of a reduction in GST rates, the National Anti-profiteering Authority (NAA) has asked the firm to deposit the profiteered amount of ₹75.08 crore in the Consumer Welfare Fund (CWF).
The FMCG firm allegedly did not pass on the benefit of a GST rate reduction that came into effect in November 2017, and also hiked the base price. Anti-profiteering provisions are applied if the benefit of a tax cut on any supply of goods or services, or the benefit of input tax credit, is not passed on to the recipient by way of a price cut. An application to invoke the provisions can be made by an interested party or a Commissioner or any other person.
The NAA said Patanjali did not fix the new MRPs on the impacted SKUs (stock keeping units) and, instead, shifted the responsibility to its distributors and retailers, who continued to sell the products at the old rates. The respondent had violated the provisions of Section 171 (1) of the CGST Act, it said. Section 171 does not allow the respondent to suo moto decide on any other modality to pass on the benefit of a tax rate cut.
Therefore, any benefit of tax rate reduction passed on to a particular recipient or customer cannot be appropriated or adjusted against the benefit of tax rate reduction due to another recipient or customer, observed the NAA. Hence, ‘netting off' cannot be applied in the present case as the customers have to be considered as individual beneficiaries, and cannot be compared with dumped goods and netted off, it added.
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Girish Mathrubootham
Girish Mathrubootham is the Founder of Freshworks (previously known ...
Icons Of India : Anil Agarwal
Anil Agarwal, the Founder and Chairman of Vedanta Resources Ltd., is r...
Icons Of India : B.V.R. Subrahmanyam
A 1987 batch (Chhattisgarh cadre) Indian Administrative Service Office...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Sanjay Mehrotra, CEO- Micron Technology
Sanjay Mehrotra, the President and CEO of Micron Technology, is at the...
Indian Tech Talent Excelling The Tech World - PADMASREE WARRIOR, Founder, President & CEO - Fable
Padmasree Warrior, the Founder, President, and CEO of Fable, is revolu...