Wait...
  1. Home >
  2. Export Import News >
  3. GST News >
  4. White goods firms under NAA lens for pocketing GST rate cuts >
  5. White goods firms under NAA lens for pocketing GST rate cuts

Online Export Import Data Search

Complete Training Video : Click Here

White goods firms under NAA lens for pocketing GST rate cuts.


Date: 13-03-2019
Subject: White goods firms under NAA lens for pocketing GST rate cuts
MUMBAI: After imposing fines on restaurants, fast moving consumer goods (FMCG) and pharma companies for not passing the benefits of lower goods and services tax (GST) to consumers, the authorities have turned their attention to makers of home appliances or white goods. 

The anti-profit authority is examining whether companies pocketed profits after the government slashed GST rates on washing machines, TVs and other electronic products. While most large consumer durable companies are under the lens, Kolkata based IFBNSE 2.92 % Appliances, which manufactures high-end washing machines and a handful of other products, is the first company that has received notices, said two people with direct knowledge of the matter. 

IFB, a BSE-listed company, was asked to furnish details of cost and selling prices on its washing machines a few months ago. “The company did not respond to the first letter and so a second letter was written by NAA (National Anti-profiteering Authority). The company was asked to provide data around cost and selling prices of products before and after GST,” said a person close to the development. 

An email sent to IFB on Saturday did not elicit any response. The person added that IFB could face a fine in the coming weeks. Other companies, too, are under scrutiny and the first set of letters is either issued or will be issued in the coming weeks. Industry trackers say that NAA’s focus seems to be on goods that could stoke inflation. One of the impacts of implementing GST globally is that it leads to higher inflation. 

“The anti-profiteering authority is scrutinising every sector that directly impacts inflation and so white goods companies are currently under the lens. However, the question remains that in the absence of any prescribed methodology, it becomes really difficult for a company to compute the quantum of profiteering and pass on the GST rate cut benefits,” said Abhishek A Rastogi, partner at Khaitan & Co. 

Insiders point out that for most consumer durables companies, it is extremely tough to even calculate precise price cuts before and after GST implementation. This is mainly because most companies have separate contracts with different retail outlets. 

Source: economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 16-05-2019
Notification No.37/2019 - Customs (N.T.)
Exchange Rates Notification No.37/2019-Custom(NT) dated 16.05.2019

Date: 16-05-2019
Trade Notice No. 15/2015-2020
Claim of MEIS benefits for exports made to countries in the OFAC List such as Iran and for Vostro Payments

Date: 16-05-2019
TRADE NOTICE No. 16/2019-20
Prohibition on direct or indirect import and export from/to DPRK (Democratic People's Republic of Korea) in terms of UNSC resolutions concerning DPRK - Para 2.17 of the Foreign Trade Policy 2015-20

Date: 15-05-2019
Notification No. 36/2019-CUSTOMS (N.T.)
Tariff Notification in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg

Date: 15-05-2019
Trade Notice No. 14/2015-2020
Three months time window for applying for MEIS for shipping bills with HS Codes which were harmonized and notified under MEIS Appendix 3B, Table 2 after a delay

Date: 15-05-2019
Policy Circular No. 23/2015-20
Non-requirement of submission of Hard copy of application at RAs for issue of Advance Authorisation (AA) & EPCG Authorisation

Date: 15-05-2019
ECA Circular No. 24
Administrative Review of Adjudication Orders passed by subordinate officers - regarding.

Date: 14-05-2019
TRADE NOTICE NO. 13/2019-20
Imports of Maize (feed grade) under the TRQ Scheme for 2019-20.

Date: 14-05-2019
Notification No. 15/2019-Customs
Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019.

Date: 14-05-2019
Public Notice No. 8/2015-20
Amendment in the Para 3.01 (b) of the Handbook of Procedures



Exim Guru Copyright © 1999-2019 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o Infodrive India
E-2, 3rd Floor, Kalkaji Main Road
New Delhi - 110019, India
Phone : 011 - 40703001