(FE)
By way of commensurate reduction in prices. The GST Council in its 23rd Meeting held on November 10 in Guwahati, had recommended the reduction of the GST rate from 28% to 18% or lower tax slabs on goods falling under 178 headings.
The Chairperson of Central Board of Excise & Customs (CBEC), Vanaja N Sarna has written to all the major Fast-Moving Consumer Goods (FMCG) companies pointing out the need to immediately revise the MRP on all the products in which the reduction of GST has been announced by the Council. “The Government expects that the industry should immediately respond to the earlier appeal made by the Finance Minister on this issue,” the Finance Ministry said in a statement.
While the government makes repeated appeals, FMCG majors such as Hindustan Unilever (HUL) and ITC have said they are in the process of reducing prices of commonly used items to pass on the benefits to consumers. “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 PTI.
