ITC to Fully Transfer GST Reduction Advantages to Customers Across Consumer Goods
In a significant move, ITC Ltd, led by Executive Director B Sumant, has announced that it will pass on the full benefits of the GST rationalisation to customers across non-cigarette FMCG products. This decision follows the government's initiative to revise GST rates, aiming to boost consumption and strengthen investments, growth, and employment.
The revised GST rates are expected to bring relief to consumers through enhanced affordability. ITC, known for its extensive FMCG portfolio that includes several top brands, has initiated an extensive exercise of informing all trade partners about the price revisions of their products across categories.
In the FMCG segment, Mangaldeep holds the No. 2 position in the Incense Sticks segment, while Sunfeast is the No. 1 brand in the Cream Biscuits segment. Aashirvaad leads the market in the branded Atta segment, and YiPPee! holds the No. 2 spot in the Noodles segment. Bingo! is the market leader in the Bridges segment of Snack Foods.
ITC's FMCG businesses span a large range of categories, products, and SKUs, reaching almost 7 million outlets across the nation. The company has not yet specified the exact price revisions or notifications to trade partners or consumers, but necessary steps are being taken to ensure consumers are notified about the ensuing benefits.
The GST rate rationalisation across various sectors is expected to have a positive impact on the economy, making essential goods more affordable for the average consumer. ITC's announcement marks a significant step towards passing on the commensurate benefits arising out of the revised GST rates to the end consumer.
