What’s inside:
This article shares important updates on the recent GST rate changes and how they benefit consumers through price cuts by major FMCG companies.
Recently, the central government made significant changes to the GST rates, and now the general public is set to benefit directly. Major FMCG companies in India, like Hindustan Unilever, Proctor and Gamble, ITC, and Emami, have announced price cuts on many of their products. These new prices will take effect from September 22.
The companies have released updated product lists showing the reduced prices of various everyday items. The aim is to ensure that consumers enjoy the full benefits of the lowered GST rates.
For example, Proctor & Gamble has reduced the price of its Head and Shoulders shampoo from ₹360 to ₹320. Similarly, Vicks Inhaler will now cost ₹64 instead of ₹69. Hindustan Unilever has cut prices on products like Horlicks and Dove shampoo, with Horlicks now priced at ₹110 for 200 grams, down from ₹130.
Emami has lowered prices on popular items like Kesh King oil, now available for ₹178 instead of ₹190. ITC has also committed to passing on the GST benefits to customers on all its products.
The GST changes mean there are now only two tax rates: 5% and 18%, with some luxury goods taxed at 40%. These changes are expected to boost consumption during the upcoming festive season, benefiting the economy as a whole.
Summary:
- GST rate changes will directly benefit consumers.
- Major companies announced price cuts effective from September 22.
- Proctor & Gamble and Hindustan Unilever reduced prices on popular products.
- New GST rates are 5% and 18%, with luxury goods at 40%.
- Expected increase in consumption during the festive season.
