Nestlé India readies for the implementation of Goods and Services Tax (GST), one of the biggest tax reforms in India. GST will significantly enhance the ease of doing business across India through reduction in multiplicity of taxes, simpler tax regime and fewer rates.
In preparation for GST roll out, Nestlé India has engaged and trained over 3500 suppliers, over 1600 distributors covering the entire direct value chain of the company, with awareness programs across India.
In keeping with the overall spirit of the GST, Nestlé India is pleased to announce that in categories where there are reductions in taxes, appropriate price reductions would be put into effect for stocks manufactured from July. There will be a transition time before new price stocks are available in the market.
Commenting on the development, Mr. Suresh Narayanan, Chairman & Managing Director, Nestlé India Ltd. said, “Nestlé has been in India for over 104 years and has been a part of the societal, economic and other changes, the country has witnessed. GST marks a historic milestone towards a single economic union for India with a unified tax structure. We believe that over time, this will unleash economies of scale and economies of efficiencies that can be quite significant.
I am pleased to share that our teams have supported our business partners to ensure a smooth transition to GST.
Consumer trust and living up to it are key principles at Nestlé and in keeping with this, we are pleased to pass on the benefits of lower taxes wherever they are applicable, to the benefit of our many million consumers to whom we owe a debt of gratitude.”
Categories where we have a reduction in taxes, commensurate benefits will be passed on to the consumers. There has been considerable reduction in GST rate on milk powders and consequently the price of NESTLÉ EVERYDAY DAIRY WHITENER is expected to undergo commensurate reduction.
Nestlé India Limited, Head Office: Nestlé House, Jacaranda Marg, M Block,
DLF City Phase – II, Gurgaon 122 002 (Haryana)
Phone: +91-124-3321275, Fax: +91-124-2389381
Registered Office: M-5A, Connaught Circus, New Delhi – 110 001
Corporate Identity Number: L15202DL1959PLC003786
Email ID: [email protected]; [email protected], Website: www.nestle.in