HUL, ITC Set To Pass On Benefits Of GST Rate Cuts To Customers

Many FMCG companies including HUL have cut prices of various products to pass on the benefits of GST rate reduction to end-consumer.
  • The Goods and Services Tax (GST) rate is reduced on 178 items, including detergents, shampoos and beauty products, from 28 per cent to 18 per cent from November 15.
  • HUL decided to cut down the prices of its products as soon as GST was imposed. But recently, a huge reduction in the rates has been witnessed so as to provide the consumers the benefits of GST to its fullest.
  • HUL has reduced price for Bru Gold coffee from Rs 145 to Rs 111 on a 50gram pack. There is a possibility that prices may fall further.
  • This is a welcome step and would benefit the masses. Soap, detergent, toothpaste and shampoo etc. are such articles which are used by people at large scale by all the sections of society, whether poor or rich.
  • Items such as chewing gum, chocolates, coffee, custard powder, marble and granite, dental hygiene products, polishes and creams, sanitary ware, leather clothing, artificial fur and wigs have been kept under the 18 per cent slab. The company had reduced 5 per cent in hair oils and 3-4 per cent in Saffola oils post GST.
HUL remains committed to passing on the benefits of GST reduction to the consumers, the spokesperson added. This would help people purchase their goods for daily requirement at lesser price.
Source- http://bit.ly/2yJ6zgt

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