FMCG cos gear up to pass on tax reduction benefit to consumers
With the revised GST rates coming into force from today, FMCG majors such as Hindustan Unilever (HUL) and ITC said they are in the process of reducing prices of commonly used items to pass on the benefits to consumers.
In a relief to consumers and businesses, the GST Council last week reduced tax rates on over 200 items, ranging from shampoos to detergent, chewing gum, chocolates and beauty products.
"HUL remains committed to passing on the benefits of GST reduction to the consumers. We are reviewing all our networks so that we can commence production of products with lower prices as soon as possible," an HUL spokesperson told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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