Categories: Business

Anti-profiteering authority found Philips India guilty, did not reduce food processor prices

Photo: GOOGLE

GST NAA finds Philips India guilty of profiteering Rs 4.53 lakh

new Delhi. The Anti-Profit Authority of Goods and Services Tax (GST) has found Philips India guilty of not extending the benefit of GST rate cut of Rs 4.53 lakh to customers. The National Anti-profiteering Authority (NAA) had asked the Directorate General of Anti-Profiteering (DGAP) to investigate the complaint received against this multinational company.

After the implementation of GST from July 1, 2017, a complaint was made against the company for not reducing the price of its food processor. The DGAP observed that after the implementation of GST, the tax rate on food processors was reduced to 28 percent from 29.80 percent earlier.

DGAP found that food processors were imported from abroad and Philips was paying a reimbursement fee at the rate of 12.50 per cent in addition to the value-added tax (12.50 to 15.95 per cent) on MRP. In this context, in the pre-GST period, the company had to pay an average tax of 29.80 per cent.

This post was published on June 4, 2020 10:01 am

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