MUMBAI: Hindustan Unilever has obtained a tax demand of Rs 962.7 crore from the Revenue Tax division, together with curiosity of Rs 329.3 crore. The discover arises from the non-deduction of tax deducted at supply on a remittance of Rs 3,045 crore for buying the mental property rights of India well being meals drink from the GlaxoSmithKline Group entities, the corporate mentioned in a inventory change submitting late Monday evening.
In Dec 2018, HUL introduced the merger of GSK Client Healthcare with the corporate.Underneath the phrases of the merger deal, which was accomplished in 2020, HUL acquired the Horlicks model for India from GSK for Rs 3,045 crore. Moreover, GSKCH’s different manufacturers like Enhance, Maltova and Viva additionally moved to HUL’s product portfolio.
HUL mentioned that it’s going to enchantment the order. “Additional, the corporate has an indemnification proper to get well the demand raised by the Revenue Tax division and can undertake needed steps in furtherance of the identical,” HUL mentioned. It mentioned that the tax demand won’t have any vital monetary implications at this stage.
In Dec 2018, HUL introduced the merger of GSK Client Healthcare with the corporate.Underneath the phrases of the merger deal, which was accomplished in 2020, HUL acquired the Horlicks model for India from GSK for Rs 3,045 crore. Moreover, GSKCH’s different manufacturers like Enhance, Maltova and Viva additionally moved to HUL’s product portfolio.
HUL mentioned that it’s going to enchantment the order. “Additional, the corporate has an indemnification proper to get well the demand raised by the Revenue Tax division and can undertake needed steps in furtherance of the identical,” HUL mentioned. It mentioned that the tax demand won’t have any vital monetary implications at this stage.
