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Wednesday
November 2018
1:26 AM IST
News Headlines
Preparing for Australia tour by watching videos: Shami        India invites Swedish companies to explore investment opportunities        Govt cancels ED officer Rajeshwar Singh's leave        175 dead, over 10,000 affected by Nigeria cholera outbreak        Lankan parties move SC against Parliament dissolution by Prez Sirisena        Delhi pollution: Task forces conducts meetings on WhatsApp for urgent decisions        PM slams Rahul, Sonia for questioning note ban; need no certificate from those on bail        70 per cent turnout in first phase of Chhattisgarh polls: EC        Union Minister Upendra Kushwaha attacks NDA ally Nitish Kumar amid reports of RLSP MLA joining JD(U)        Mining Baron Janardhana Reddy Remanded in Custody Till November 24 for 'Shielding' Ponzi Scam Accused Father-Son        Death toll hits 25 from wildfires at both ends of California        "Nationalism Betrayal Of Patriotism": Emmanuel Macron, Trump By His Side        3rd T20: Dhawan, Pant take Ind to victory, series win        FC Goa beat Kerala Blasters 3-1 in ISL        One killed, several injured in stabbing attack in Melbourne: Police        Journalists beware: After Bloomberg bots, AI news presenter debuts in China        Harmanpreet Kaur’s record century headlines India’s big win over NZ in opener        Mumbai City end NorthEast United’s unbeaten run        Chelsea beat BATE 1-0 in Europa League        Srikanth enters pre-quarterfinals of China Open        
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Business News
FMCG firms slash prices post GST reduction
 
New Delhi, Nov 21 (PTI) FMCG companies, including ITC, Dabur, HUL and Marico, today said they have cut prices of various products to pass on the benefits of GST rate reduction to end-consumers.

The companies said they will extend the price reduction to other categories, which have also seen tax rate cuts. The development comes a day after the government asked the firms to pass on lower GST rates to consumers.

The Goods and Services Tax (GST) rate was reduced on 178 items, including detergents, shampoos and beauty products, from 28 per cent to 18 per cent from November 15.


"ITC has modified the price of its relevant products keeping in mind the applicable rates under the recent GST notification," a company spokesperson told PTI.

Similarly, an HUL spokesperson said: "We have reduced price for Bru Gold coffee from Rs 145 to Rs 111 on a 50 gm pack. Any further price changes will be communicated in due course."

HUL remains committed to passing on the benefits of GST reduction to the consumers, the spokesperson added.

Likewise, Marico CFO Vivek Karve said the company has effected MRP reductions on products across categories such as deodorants, hair gels, hair creams, body care etc.

"While the new production shifts to new reduced MRP immediately, we are passing on the benefits on existing stocks either through stickering the products with reduced MRP or by providing additional discounts to our trade channel partners," he said.

Karve further said the company has also sent out communication to its partners to pass on the benefit of reduced taxes to the consumers.

Earlier in the day, Dabur India said it has cut prices of existing stocks across categories such as shampoos, skin care and home care by 9 per cent.

The company said it had also revised the MRP of fresh production with immediate effect which will hit the shelves by next month.

When contacted, a Patanjali spokesperson said: "We welcome this step and the benefits must be transferred to the customers. We are evaluating over the quantum of decrease."

Yesterday, CBEC Chairperson Vanaja Sarna in a letter to all major FMCG companies had pointed out the need to immediately revise the MRP on all the products for which the tax reductions have been announced by the GST Council.

GST rates on a number of items have also been reduced from 18 per cent to 12 per cent and from 12 per cent to 5 per cent.

Items on which tax rate has been cut from 28 per cent to 18 per cent include chewing gum, chocolates, coffee, custard powder, dental hygiene products, creams, after-shave, deodorant, detergent and washing power, razors and blades, cutlery, batteries, goggles, wrist watches and mattress.

Tax rate on condensed mil, refined sugar, pasta curry paste, diabetic food, and bamboo/cane furniture has been cut from 18 per cent to 12 per cent.


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