The anti-profiteering body has held that US pharmaceutical company Abbott Healthcare did not pass on the benefits of the goods and services tax to customers after the new regime started in July 2017 and the rate was further reduced in November that year.
The National Anti-profiteering Authority (NAA) fined the company 96.59 lakh for profiteering from GST. The order pertains to only one product and the NAA will now investigate all products sold by Abbott.
Tax experts said the order is set to open a Pandora’s Box for the pharmaceutical sector.
