ITC, Dabur, HUL, Marico extend benefits of GST rate cut to consumers
The companies said they will extend the price reduction to other categories, which have also seen tax rate cuts. The development comes a day after the government asked the firms to pass on lower GST rates to consumers. The goods and services tax (GST) rate was reduced on 178 items, including detergents, shampoos and beauty products, from 28% to 18% from 15 November. “ITC has modified the price of its relevant products keeping in mind the applicable rates under the recent GST notification,” a company spokesperson told PTI. Similarly, an HUL spokesperson said: “We have reduced price for Bru Gold coffee from Rs145 to Rs111 on a 50 gm pack. Any further price changes will be communicated in due course.” HUL remains committed to passing on the benefits of GST reduction to the consumers, the spokesperson added. Likewise, Marico CFO Vivek Karve said the company has effected MRP reductions on products across categories such as deodorants, hair gels, hair creams, body care etc.