The State Goods and Service Tax Officer conducted a search at the Chennai warehouse of Colgate Palmolive from November 16 to 17 and levied a penalty of Rs 1 lakh
Transfer Pricing refers to the pricing of cross-border transactions between two related entities. The company will take this before the 'Dispute Resolution Panel' and is awaiting completion of the assessment proceedings, Colgate-Palmolive (India) Ltd said in regulatory updates on Monday evening.
The transfer pricing order from the Income Tax Authority for the Assessment Year 2021-22, disallows the company from certain international transactions.
The September quarter results of HUL, ITC, Nestle India and Colgate have thrown up some near-term headwinds, including increased competition and lower-than-expected consumption growth in some pockets, for the FMCG sector