Income Tax department surveys Marico offices ahead of GST 2.0

The income tax department conducted a nationwide survey operation at Marico’s premises on Wednesday, as per the sources cited by Financial Express.

The Mumbai investigation wing of the IT Department was leading the operation, while the details of the scope of the survey were not disclosed.

Marico, which owns brands such as Parachute, Saffola and Livon, the FMCG giant, on Thursday confirmed officials from the Income Tax Department visited some of its offices and manufacturing units in India earlier in the day, as per media reports.

The company said it is extending full cooperation to the officials and the proceedings are currently underway. It added that the visit has not had any material impact on its business operations so far.

The report noted that as part of a survey operation, the tax department made a surprise visit to the business premises of an entity under investigation.

While a survey operation differs from a raid, it involves both search and seizure.

The survey precedes the rollout of the GST 2.0 tax reforms next week; 200 income tax officers were deployed for the survey.

Shares of Marico were down 1.59% at the close of trade on Wednesday to Rs 712.30 apiece on the BSE.

Marico closed FY25 with consolidated sales of Rs 10,831 crore, up 12% year-on-year, with underlying volume growth of 5%. Net profit rose 10% year-on-year to Rs 1,658 crore.