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GST reduction on FMCG products to ease consumer burden and boost business
GST rates have been reduced to 5% for various food products, textile products and other FMCG products. Furthermore, GST rates are pegged at 18% for ACs, TVs and dishwashers. Sin goods such as aerated waters containing sugar, carbonated fruit juices, caffeinated beverages, tobacco products to attract 40% rate.
Way forward for industry: Update billing systems for new GST rates, restructure MRP, explore advocacy with the government, seek clarity on the applicability of anti-profiteering provisions and plan for transition issues.