FMCG major Nestle India could face an additional tax burden of Rs 100 crore this year due to increased rate of taxation.
"...The major challenge for the company would be to ensure high trajectory growth while bearing an additional tax burden due to Union Budget proposals for 2012-13 of approximately Rs 100 crore," Nestle India Chairman and Managing Director Antonio Helio Waszyk has told the shareholders.
Quoting Waszyk, the company in a regulatory filing said that issues such as volatility in the economic environment and lack of accelerated reforms especially in retail sector continued to impact the Indian economy.
Nestle India follows January-December financial year.
The tax burden would be on the back of indirect taxes, primarily 2% hike in excise duty to 12% proposed in the Budget, the company said.
Addressing shareholders at the annual general meeting on March 30, he also highlighted fiscal deficit and delay in GST implementation as other concerns going ahead.
Nestle sells popular products like Maggi noodles, Nescafe and KitKat chocolates in India.
