Heritage Foods Ltd has announced its decision to pass on tax benefits to its consumers in the GST regime. As the nation gears up for the most anticipated tax regime since Independence, The One Nation, One Tax move has benefited the dairy industry in a positive way, the company said. After the exemption of taxes on milk, Heritage Foods has reduced the sale price/MRP of Doodhpedha and milk cake by Rs. 30/kg. The price has dropped down from Rs. 350/kg to Rs. 320/kg. Due to the tax reduction from 14.5 per cent to 12 per cent, the price of ghee and butter has been reduced to Rs. 18 per litre in Andhra Pradesh, Telangana and Karnataka. Heritage Foods has also decided to absorb the increase in tax component from 14.5 per cent plus 2 per cent excise duty to 18 per cent on frozen desert or ice cream by not passing on the same to the consumer. The Heritage Group achieved a turnover of Rs. 2,643 crore in 2016-17.
Source : Business line
Published on: July 5, 2017