New Delhi, November 22: Benefitting the consumers with GST tax reduction, the Consumer goods will get cheaper as the prices of the various consumer products have been reduced said the Fast Moving Consumer Goods (FMCG) companies, including ITC, Dabur and HUL. They further added that the benefits of the GST rate reduction to be passed on to the consumers. In 23rd GST council meeting the committee took the decision to reduce the GST rates.
The price reduction will also be extended to other categories in which the tax rate cuts is applicable, said the companies. The improvement comes after the government asked the firms to exceed on lower GST rates to consumers. On Monday, The letter written by the CBEC Chairperson, Vanaja Sarna to all the Fast-Moving Consumer Goods (FMCG) companies strained on the need to revise the MRP on all the products in which reduction of GST has been publicized. Also, she requested Industry leaders to give wide publicity to the revised MRP of products.
On 10th November the GST Council took the decision to reduce the GST rates on 178 products including detergents, shampoos and beauty products, from 28 percent to 18 percent from 15th of November. GST rates on a number of items have also been reduced from 18 percent to 12 percent and from 12 percent to 5 percent.