FMCG major Godrej Consumer cuts product prices up to 10 pc post GST reduction

By: |
New Delhi | Published: November 22, 2017 5:30:10 PM

FMCG major Godrej Consumer Products Ltd today said it has lowered prices of its various products in the range of 7-10 per cent to pass on benefits of the recent GST rate reduction.

Godrej Consumer, Godrej Consumer products, GST rate reduction, GST rates, reduced rates, ITC, Dabur, HUL and Marico, price cutFMCG major Godrej Consumer Products Ltd today said it has lowered prices of its various products in the range of 7-10 per cent to pass on benefits of the recent GST rate reduction. (Image: Reuters)

FMCG major Godrej Consumer Products Ltd today said it has lowered prices of its various products in the range of 7-10 per cent to pass on benefits of the recent GST rate reduction. Yesterday, ITC, Dabur, HUL and Marico, had cut prices of various products following reduction in GST rates effective November 15. “We are committed to passing on the benefits of the reduced rates to our consumers and have initiated a 7-10 per cent price reduction on our products across hair colours, air fresheners, liquid detergents and deodorant categories,” Godrej Consumer Products Ltd (GCPL) Business Head-India and SAARC Sunil Kataria said. The move comes days after the government asked the firms to immediately revise the MRP on the products to pass on lower GST rates to consumers. GCPL said the reductions will be effective immediately and would also be applicable on our existing stocks.

“We are working very closely with our distributors and channel partners to monitor that the reduced MRPs are being passed on to the consumers,” Kataria said. He further said: “Our intent is to offer maximum support to retailers and wholesalers so that the switch to the new pricing is seamless and quick”. 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. 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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1These three startups wowed Jack Ma and won Alibaba’s backing
2This could be the Xiaomi Redmi Note 5; live images leaked with specifications
3Airbus new plans to cut costs for airliners, here are details