ITC to Pass on Full Benefits of GST Rate Cuts to Consumers

ITC Ltd. on Thursday said it will pass on the full benefits of the new Goods and Services Tax structure, effective nationwide from September 22, across all applicable products.

“Our FMCG businesses span a large range of categories and SKUs reaching nearly 7 million outlets, and we will ensure that the GST rationalisation benefits are fully passed on,” said B. Sumant, executive director at ITC.

The company has begun informing trade partners about price revisions across categories and is taking steps to notify consumers as well.

Calling the government’s GST reforms transformative, Sumant said the rationalisation would improve affordability, boost consumption, and support investments, growth, and employment.