Companies will pass GST rate cut benefits to consumers

Arun Jaitley announced that the tax rate on a vast range of items of daily use would be brought down from 28% to 18%

Had to cut down on your monthly budget for cosmetics or postpone purchasing your much-desired watch? Not anymore. Prices of these items, along with chocolates, chewing gum, detergents, shampoos, and many other commonly consumed items, may come down soon, as taxes on them are being slashed significantly.

As Finance Minister Arun Jaitley announced that the tax rate on a vast range of items of daily use would be brought down from 28 per cent to 18 per cent, after the GST Council meet on Friday, consumer good companies cheered the decision. While most are still working on how lower tax rates