The hottest trending topic right now is the GST which will implement from July 1. Pre-GST implementation, Nestle India announces that it will pass on benefits of reduced tax under GST on products such as milk powder to customers.
After GST implementation, there will reduction in the rate on milk powders as well as on Nestle Everyday Dairy. While there will be no tax on fresh milk.
Nestle India announced that “In categories where there are reductions in taxes, appropriate price reductions would be put into effect for stocks manufactured from July”. It also added that there would be a transaction time before new price stocks are available in the market.
Suresh Narayan, Nestlé India Chairman & Managing Director said “We believe that over time, this (GST) will unleash economies of scale and economies of efficiencies that can be quite significant”.
In preparation for GST rollout, Nestle has engaged and trained over 3,500 suppliers, over 1,600 distributors covering the entire direct value chain of the company, with awareness programmes across India.