ITC to pass on full benefits of GST rate cuts across FMCG portfolio

ITC Ltd on Thursday said it will fully pass on the benefits of the government’s next-generation Goods and Services Tax (GST) rate rationalisation to consumers across its fast-moving consumer goods (FMCG) portfolio.

The reforms have been “transformative for both consumers and businesses,” easing compliance and supporting growth, B Sumant, Executive Director of ITC, said.“The GST rate rationalisation across various sectors will surely bring relief to consumers through enhanced affordability, boosting consumption, and strengthening investments, growth and employment.

At ITC, we will pass on the full benefits of the GST rationalisation across applicable products,” Sumant said.The company said its FMCG businesses span a wide range of categories and products, reaching nearly 7 million retail outlets across India.“Necessary steps are also being taken to notify consumers about the ensuing benefits,” Sumant added.