Nestle On GST

At 12:12 PM, Nestle India share price was trading 3.23 per cent higher at ₹1,261 per share. By comparison, BSE Sensex was trading 0.53 per cent higher at 83,043.31 levels.

Nestle India reported an increase of 9.66% t in net profit to Rs 263.43 crore for the second quarter

Net sales grew 7.3%, negatively impacted by GST roll out; profit up 9.7%

FMCG major Nestle India today said it will pass on benefits of reduced tax rate under GST on various products such as milk powder to consumers once the new tax regime kicks in. There has been considerable reduction in GST rate on milk powders and consequently the price of Nestle Everyday Dairy whitener is expected to undergo commensurate reduction, the company said in a statement. Under GST, which will be implemented from midnight tonight, there will be no tax on fresh milk. "In categories where there are reductions in taxes, appropriate price reductions would be put into effect for stocks manufactured from July," it said. Nestle India further said there would be a transition time before new price stocks are available in the market. "We believe that over time, this (GST) will unleash economies of scale and economies of efficiencies that can be quite significant," Nestle India Chairman & Managing Director Suresh Narayanan said. He said the company is passing on the ...