FMCG major Marico today said it has slashed the prices on products across categories such as deodorants, hair gels, body care to pass on benefits of the recent GST rate reduction.
The company is reducing the prices on existing stocks either through stickering the products with reduced MRP (maximum retail price) or by providing additional discounts to trade channel partners.
“In order to pass on this tax benefit to consumers, Marico has effected MRP reductions on products across categories such as deodorants, hair gels, hair creams, body care etc,” Marico Ltd CFO Vivek Karve told .
He further said,”We have also sent out a communication to them to pass on the benefit of reduced taxes to the consumers”.
The Goods and Services Tax (GST) rate has been reduced on 178 items, including detergents, shampoos and beauty products, from 28 per cent to 18 per cent.
Yesterday, Central Board of Excise and Customs Chairperson Vanaja Sarna wrote to FMCG companies asking them to immediately revise MRP on all products in line with the latest reduction in GST rates.