AMN
Fast Moving Consumer Goods (FMCG) companies, including ITC, Dabur, Hindustan Unilever Limited and Marico, have said that they have cut prices of various products to pass on the benefits of the GST rate reduction to end-consumers.
The companies said yesterday that they will extend the price reduction to other categories, which have also seen tax rate cuts. The development comes after the government asked the firms to pass on lower GST rates to consumers.
Central Board of Excise & Customs, Chairperson Vanaja Sarna on Monday in a letter to all major FMCG companies, had pointed out the need to immediately revise the MRP on all products for which tax reduction was announced by the GST Council.
GST rate was reduced on 178 items, including detergents, shampoos and beauty products, from 28 per cent to 18 per cent from 15th of November.