National Anti-profiteering Authority: L'Oreal and India Bulls were caught in profiteering, both did not pass on the benefit of GST to the customers

Posted on 29th Jun 2022 02:07 pm by rohit kumar

The National Anti-Profiteering Authority (NAA) has found L'Oreal India and India Bulls Real Estate guilty of profiteering. Both the companies have not passed on the benefit of GST to the customers. The NAA said that L'Oreal has made a profit of Rs 186.39 crore, while India Bulls has made a profit of Rs 6.46 crore.

 

 

A Directorate General of Profiteering (DGAP) investigation found that the GST on many goods was reduced from 28 percent to 18 percent. But L'Oreal did not pass on the benefit to the customers despite the reduced GST on face wash, shampoo, and some makeup products from November 15, 2017. On this basis, the company has been ordered to deposit 50 percent of the profiteering amount of Rs 93 crore in the Central Consumer Welfare Fund and the rest in the state funds.

 

 

order to reduce product prices

 

With this, DGAP has ordered the company to reduce its prices. It investigated L'Oreal between November 2017 and December 2018, in which this information was found. It said that the company did not reduce any price at that time and it caused a loss to the customers.

 

On the other hand, India Bulls was told by the regulatory house that it did not pass on the benefit of an input tax credit of 6.46 crore to the home buyers. An inquiry was conducted on the complaint of a home buyer and this information came to light. India Bulls has been ordered to return the amount with interest at 18 percent per annum.

 

Alos Read: Worldline Report: UPI transactions grew by more than 90 percent to Rs 26.19 lakh crore, total transactions of 14.55 billion were done in January-March this year

Other news

Yogi Adityanath: Gyanvapi Case CM Yogi said – If it is called a mosque then there will be a dispute, Trishul-Jyotirlinga and God statues inside

CM Yogi Adityanath On Gyanvapi Case Chief Minister Yogi Adityanath has given a blunt answer on th

Kharge compared Priyanka Gandhi to Rani Lakshmibai, saying- she is fighting against BJP and RSS.

Congress party president Mallikarjun Kharge on Tuesday compared Lok Sabha MP Priyanka Gandhi to h

Person of the Year: Time Magazine selected Ukraine's President Zelensky as 'Person of the Year 2022'

Ukrainian President Volodymyr Zelensky has been named 'Person of the Year by Time magazine. The m

Global Recession Worries: Decreased growth rate and inflation raised concerns about global recession, business activities halted

Global Recession: The strategy of countries around the world to control inflation by stopping the

Lok Sabha Election 2024: 'The sun of June 4 will bring a new dawn in the country', Rahul-Priyanka appealed to voters to vote during the seventh phase

Voting for the last phase of Lok Sabha elections is going on in the country today. Meanwhile, Con

Himachal: Warning to the Himachal government, seven percent fine will be imposed if the money for central schemes is not spent on time

The central government has warned the Sukhu government of the state not to spend the money on the

COVID-19: Corona cases increased again, 21,566 new cases in 24 hours, infection rate 4.25 percent

On Thursday, a jump in new cases of the corona was registered in the country. In the last 24 hour

Earthquake: Strong tremors were felt in Argentina and Chile, magnitude 6.5 and 6.3 on the Richter scale

Earthquake tremors were felt in Argentina on Wednesday. The US Geological Survey (USGS) has confi

Humanity has seen during violent protests in Sri Lanka: The protesters helped the street dog who was in the grip of tear gas

A heart-touching video has surfaced amid the ongoing massive mass movement in Sri Lanka. It can b

INDIA Meet: 'India' alliance meeting may be held on this day in December, emphasis will be on seat distribution for Lok Sabha elections

The next meeting of the opposition alliance 'India' formed to counter the ruling NDA and BJP in t