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Saturday, July 1, 2017

Goods and Service Tax(GST) - Heritage Foods passes on GST benefits to consumers

Dairy products company Heritage Foods Limited 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.
After the tax reduction from 14.5% to 12%, the price of ghee and butter has been reduced to Rs. 18 per litre in the states of Andhra Pradesh, Telangana and Karnataka.
Heritage Foods has also decided to absorb the increase in tax component from 14.5% plus 2% excise duty to 18% on frozen desert or ice cream by not passing on the same to the consumer.
The Heritage Group was founded in 1992 by Nara Chandrababu Naidu, Chief Minister of Andhra Pradesh. Managed by family members of Naidu, it achieved a turnover of Rs. 2,643 crore in 2016-17.

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