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Kolkata based IFB under GST lens, receives notice from anti-profiteering authority

After imposing fines on restaurants, FMCG and pharma companies for not passing benefits of lower GST to consumers, the anti-profit authorities have turned their attention to makers of home appliances. The NAA is examining whether these companies violated anti-profiteering norms and pocketed profits despite a reduction of GST rates on washing machines, TVs and other electronic products. Among the large consumer durable companies under the lens, Kolkata based IFB Appliances, which manufactures high-end washing machines, is the first company to receive notice. IFB, a BSE-listed company, was asked to furnish details of cost and selling prices on its washing machines.

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