NAA orders Gillette India to deposit the allegedly profiteered amount of Rs58cr to CWF

The order inter alia alleges that the Company has profiteered to the tune of Rs57,99,37,416/-.

Nov 26, 2020 04:11 IST India Infoline News Service

In a order dated November 23, 2020, the National Anti-Profiteering Authority (NAA) inter alia alleged that Gillette India has profiteered to the tune of almost Rs58cr.

The order further directed the company to deposit the profiteered amount with interest in the Consumer Welfare Funds. According to the company,  it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The order is under the ambit of the Central Goods & Services Tax Act, 2017.

"The Company is reviewing the said order and will take appropriate steps in due course. There is no material impact on the Company due to the said order," said the company.

Gillette ended at Rs5,695.75 per piece up by Rs5.1 or 0.09% from its previous closing of Rs5,690.65 per piece on the BSE.

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