FMCG firms slash prices post GST reduction

• Eastern Eye Staff
• 21 November, 2017

By: Eastern Eye Staff

The government has written to all major fast-moving consumer goods (FMCG) companies urging them to immediately revise the maximum retail price on all their products that have seen a reduction in tax rates as decided by the Goods and Services Tax Council. The letter comes a couple of days after Finance Secretary Hasmukh Adhia, speaking on Doordarshan, warned FMCG companies that they could attract anti-profiteering action if their retailers failed to pass on the newer prices to consumers. The Cabinet, last week, also approved the creation of the National Anti-profiteering Authority, which is tasked with ensuring that the benefits of…

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