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Income Tax department raids offices of Marico ahead of GST 2.0 rollout
Marico, chaired by Harsh Mariwala, is a leading player in the fast-moving consumer goods (FMCG) sector, renowned for brands such as Parachute, Saffola, and Livon.
Although specific details of the investigation remain undisclosed, officials confirmed that the team is meticulously scrutinising financial documents and transactions undertaken by Marico
In a significant move by the Income Tax Department, a large-scale raid was conducted at the premises of FMCG major Marico Ltd., with around 200 tax officials deployed by the department’s Mumbai investigation unit. The surprise exercise is reportedly taking place across Marico’s offices and manufacturing units in various parts of India.
Although specific details of the investigation remain undisclosed, officials confirmed that the team is meticulously scrutinising financial documents and transactions undertaken by Marico as part of a broader tax evasion probe. The development comes at a critical time, coinciding with the imminent rollout of GST 2.0, which is expected to bring enhanced compliance measures in the taxation landscape.
In an official statement filed with the stock exchanges, Marico clarified the situation, stating: "We hereby inform that earlier today certain officials of the Income Tax Department visited some of the Company’s offices and manufacturing units in India. The proceedings are underway and the Company is extending its full co-operation to the officials. Currently, there is no material impact on the business operations of the Company due to the aforesaid action. In the event there is any further material update that requires intimation under the SEBI Listing Regulations, the Company will make necessary disclosures in accordance with regulatory provisions."
Marico, chaired by Harsh Mariwala, is a leading player in the fast-moving consumer goods (FMCG) sector, renowned for brands such as Parachute, Saffola, and Livon. The company has a strong footprint not only in the domestic market but also in international markets including West Asia and Africa.
As the tax authorities intensify their efforts to clamp down on potential irregularities ahead of major taxation reforms, this high-profile survey is being closely watched by industry analysts. The outcome of the probe is expected to have wider implications for corporate compliance in the run-up to GST 2.0.
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