On Tuesday, ITC, Dabur, HUL and Marico, had cut prices of various products following the 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 in our products across hair colours, air fresheners, liquid detergents and deodorant categories,” Business Head-India and SAARC, Godrej Consumer Products Ltd (GCPL), Sunil Kataria was quoted by PTI as saying.
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 to 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 told PTI.
He was further quoted by PTI as saying: “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.
Source: India Retailing