In line with other fast-moving consumer goods (FMCG) players, Nestle India on Sunday said it will make price revisions in accordance with the recent goods and services tax (GST) rate cut.
Last week, GST Council reduced tax rates on over 200 items ranging from chewing gum and chocolates to beauty products and wigs and wrist watches to provide relief to consumers and businesses.
As many as 178 items of daily use were shifted from the top tax bracket of 28 percent to 18 percent while a uniform 5 percent tax was prescribed for all restaurants, both air-conditioned and non-AC.
“In keeping with our abiding principle of passing on GST related reduction benefits to our consumers, Nestle India will pass commensurate benefits in line with recent reduction announcement,” Nestle India spokesperson said.
The company is looking into the details of GST rate changes made across categories and will make price revisions, the spokesperson said, adding, there will be a transition time before new price stocks are available in the market.