Business

Godrej To Reduce Price Of Locks Post GST

न्यूज़ वर्ल्ड इंडिया | 0
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| July 12 , 2017 , 18:58 IST

Godrej has decided to pass on the GST benefits to its customers by reducing the prices of locks.

"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," Godrej Locking Solutions and Systems VP and business head Shyam Motwani said while interacting with media.

“GST is a landmark move towards one nation, one tax initiative. The locks category will now attract 18 % GST. This is a positively beneficial move for the industry. We expect demand for branded locks to increase in the near future,” Motwani said.

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“Godrej locking solutions has been securing Indian homes for 120 years now. With GST, we expect the demand for branded locks to increase and consumers will have access to improved security at affordable prices,” he said.

Around 60 % of the country’s lock industry has unorganised players. The total lock market is estimated at around Rs 4800 crore, he added.