The raids on Adani Wilmar stores were reportedly carried out because the company has been accused of not paying GST for the last 5 years. Adani Wilmar, however, says that the tax authorities have not found any irregularities in the company's operations.
Tax officials raid Adani Wilmar's stores, company says no irregularities found
Adani Wilmar: The State Excise and Taxation Department has raided Adani Wilmar, a company of Adani Group in Parwanoo, Himachal Pradesh. This action was taken late last night i.e. on 8th February. The raid was allegedly carried out because the company has been accused of not paying GST for the last 5 years.
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However, Adani Wilmar says that the tax authorities have not found any irregularities in the company's operations. Under this action, the tax department has sought information on input tax credit claims related to the state operations of the company. Adani Group has a total of seven operating companies in Himachal Pradesh, which include cold stores for fruits to the supply of groceries.
No irregularities found: Adani Wilmar
Adani Wilmar has issued a statement saying that tax department officials have not found any irregularities in the company's operations and transactions. A company spokesperson said, "We would like to clarify that the company is not required to pay tax liability in cash under Rule 86B of the GST Act." The company said, "We would like to emphasize that This was a routine inspection by the concerned authorities and is not a raid as being said in the media.
Company 16 percent profit in December quarter
The company announced its December quarter results on February 8, under which the company's consolidated profit has increased by 16 percent to Rs 246.16 crore. Adani Wilmar sells its cooking oil and other food products under the Fortune brand. It is a joint venture, in which apart from Gautam Adani, Wilmar International Limited of Singapore also has a stake.