Introduced in 2017, the most recent version of the GST reduces the number of slabs to just two: 5 percent and 18 percent.
With the goal of lowering the cost of everyday necessities and enhancing corporate compliance, the updated goods and services tax (GST) regime, which went into effect on September 22, drastically restructures India’s tax structure.
Introduced in 2017, the most recent iteration of the indirect tax system reduces the number of slabs from four to just two, namely five and eighteen percent. Additionally, luxury and tobacco goods are now subject to a sin-good tax rate of 40%.
The suggestions were approved by the GST Council, which is made up of the states and the federal government, during its meeting on September 3.
The tax cuts, according to experts, should help down the cost of the majority of everyday goods and increase demand as the festival season gets underway.
The updated prices will apply to some of the most well-liked foods from well-known companies including Amul, Mother Dairy, Dabur, Maggi Noodles, Tropicana, HUL’s everyday necessities, and modern eateries like Blue Tokai.
The following list of well-known brands will see price reductions:
Amul
Amul, a company well-known for its milk and other dairy products, announced a tariff cut for 700 of its goods, which include snacks, ghee, paneer, butter, cheese, and ice cream. The 500g carton of Amul butter will now cost Rs 285 instead of Rs 58, a reduction of Rs 4. A litre of Amul ghee now costs Rs 610, a reduction of Rs 40. View the whole list here.
Mother Dairy
Mother Dairy also revealed price reductions for all of its products. The majority of its items are in the 0 percent or 5 percent slabs. A 450 ml double-toned milk packet will now cost Rs 32, a reduction of Rs 1. Butter will cost Rs 58, down Rs 4, while paneer will cost Rs 3 less, at Rs 92 for 200 gm. The price of ghee’s 1-liter tin or bag will drop by Rs 30. View the whole list here.
Dabur
Dabur, a significant player in the FMCG industry, has also begun to show its customers the advantages of rate cuts by lowering the price of its well-liked Real Juice by Rs 8 to Rs 122 for a 1-liter box. A 900-gram bottle of Chyavanprakash will now cost Rs 440. A bottle of 120 pills from Hajmola would cost Rs 5 less.
Nestle
Nestle India has lowered the cost of its 600-gram Maggi instant noodles by Rs 4 to Rs 116. Nescafe Classic (45 gm) is now Rs 30 less expensive, while Nescafe Gold will now cost Rs 755, Rs 95 less.
ITC
ITC Ltd. has reduced the price of cow ghee by Rs 70 to Rs 1,010, while Sunfeast Marie Light’s 956-gm bag is now at Rs 150, a reduction of Rs 20.
Delightful
With GST rates dropping from 12% to 5%, an online meat and seafood vendor lowered the costs of its ready-to-cook and ready-to-eat products. Kebabs, curries, grills, and marinated dinners are among the foods included in the two sections.
Hindustan Unilever
The biggest FMCG business in India announced price reductions for some of its well-known brands, including Bru Coffee, Kissan Jam, and Horlicks.
Tokai Blue
In addition, the coffee shop told NDTV that it will be lowering the prices of its food and beverage services at all of its locations by the end of September.
Nutella, Ferrero Rocher
Nutella’s 300-gm chocolate bag will now cost Rs 100 less at Rs 879, while the hazelnut spread has decreased in price by Rs 50 to Rs 399.