Godrej Industries To Pass On Lower GST Rates To Consumers
Godrej Consumer Products Ltd., the consumer products arm of Godrej Industries Ltd., will pass on the benefit of lower Goods and Services Tax rates to the consumers.
“The benefit to the company will be better volume growth and a more competitive position for Godrej Consumer Products,” Adi Godrej, chairman of Godrej Industries told BloombergQuint in an interview.
The GST Council, in its 23rd meeting on Nov. 10, decided to cut rates on more than 200 items. GST on hair colour and air fresheners have been cut to 18 percent from 28 percent earlier, starting today.
Godrej Agrovet Ltd.’s animal feed business will continue to be driven by volume growth as raw material prices decline, Adi Godrej said. In the first half of FY18, the animal feed business value declined by 10 percent, the company said in its earnings press release.