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#FMCG major Hindustan Unilever Limited has agreed to pay Rs 119 crore as penalty to government under anti-profiteering clause of the Goods and Services Tax (GST) after notices were sent for not passing rate-cut benefits to customers.
The Company Said that Effective November 15, 2017, GST rates were reduced for some of HUL's FMCG categories from 28% to 18% which due to paucity of time was not possible for it to pass on the entire benefit of this rate reduction on some of the pipeline stocks during the transition. An estimated value of Rs 119 crore was proactively disclosed to the CBEC (Central Board of Excise and Customs) on this count and we have offered to pay this amount suo motu to the government. This amount is not recognised as revenue and is accounted as a liability as on December 31, 2017,
In this way, HUL decided to return Rs. 119 GST Gains to the Government of India.
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