Godrej to reduce price of locks to pass GST benefits to customers
DSIJ Intelligence / 12 Jul 2017
Godrej Locking Solutions and Systems VP and business head Shyam Motwani said, while interacting with a national news agency said, "With GST most of our locks will be levied at 18 per cent tax.
In a bid to pass on the Goods and Services Tax (GST) benefits to the customer, Godrej has decided to reduce the price of their locks.
Godrej Locking Solutions and Systems VP and business head Shyam Motwani said, while interacting with a national news agency said, "With GST most of our locks will be levied at 18 per cent tax. We have decided to pass on the benefit to the consumers by suitably revising its wholesale and retail prices across the country."
Motwani termed the GST as a landmark move towards one nation, one tax initiative, adding that this is a positively beneficial move for the industry.
Before the GST implementation, the lock industry was levied at a tax rate between 22% to 25%.
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