GST impact: FMCG firms to extend tax benefits to customers, slash prices
FMCG companies are revising prices of their products after the implementation of GST and are extending the tax benefits to the consumers under the new tax regime. The companies such as Patanjali, ITC, HUL and Marico are either slashing the prices of goods or increasing the grammage of the product on dispatches made from July 1 onwards. "The company is committed to pass on the benefits of reduction in effective tax rate to its consumers wherever applicable and has firmed up the price reductions," Marico CFO Vivek Karve told PTI. He further added:"The new prices will hit the market eventually". "Effective steps are being taken to pass on the benefits to the consumer, wherever such benefits accrue due to the recently announced GST rates," an ITC spokesperson said. Yesterday, HUL had reduced prices of some of its detergents and soaps, extending the tax benefits to consumers under the GST regime. The company had slashed the price of its detergen...