The NAA said HUL did not pass on the benefit of GST rate cuts to the consumers
Moneycontrol News
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Shares of Hindustan Unilever (HUL) dropped over 2 percent intraday in early trade on December 26 after the National Anti-Profiteering Authority (NAA) slapped a Rs 383 crore fine for GST profiteering.
The stock dropped as much as 2.3 percent, quoting at Rs 1,742.
The NAA said HUL did not pass on the benefit of GST rate cuts to the consumers.
In September, the regulator had ruled that suppliers would be liable to pay penalty for not passing the benefits of GST rate reduction on the sale of goods.
The regulator warned that it could also cancel registration of the supplier or return the amount of benefit not passed on if a company did not comply with the rule.
At 0930 hours, Hindustan Unilever was quoting at Rs 1,755, down 1.60 percent.First Published on Dec 26, 2018 09:54 am
