AntiProfiteering: McDonald’s, Honda & Lifestyle receive Notices

McDonald

Finance Ministry has sent notices to the companies for allegedly flouting rules. Hardcastle Restaurants which runs fast-food chain McDonald’s outlets in India, Lifestyle which sells clothes & accessories and the Hindustan Unilever (HUL) has received notices from the finance ministry.

AntiProfiteering: McDonald’s, Honda & Lifestyle receive Notices

McDonald

In November, the GST council had cut the tax rates on over 200 items as well as; the national anti-profiteering authority has come into effect. The government has already received 169 complaints so far claiming that; customers are not receiving the benefits of the GST rate cut.

Notices are issued to around five entities including McDonald’s & Honda for not passing on the benefits of GST to consumers. All the entities are asked to submit documents & answers as well as evidence to investigate and determine whether the benefit of GST rate cut or the benefit of ITC has been passed on to the customers or not.

The companies are asked to provide copies of balance sheets, profit & loss account statements for 2016-17, GST returns for July-December, details of invoice-wise outward taxable supplies, two sample invoices for sale & purchase of goods each & price list before and after November 15. They are asked to respond by 12th January 2018; stating whether they admit that they have not passed on the benefit GST or ITC to the consumers; by way of “commensurate reduction” in prices.

 

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