by admin | May 25, 2021 | Business, Commodities, Commodities News, Economy, Markets, Medium Enterprise, News
New Delhi : Welcoming the government’s decision to slash Goods and Services Tax (GST) rates on over 50 items including refrigerators, washing machines and small televisions, several consumer electronics companies, including Samsung, have promised that they will pass on the full benefits to the consumers.
The new prices will be applicable from July 27, Samsung India said in statement.
“Samsung is a consumer-centric company. We are happy to extend full benefits, that is 7.81+ per cent of GST rate reduction to all our consumers,” said Rajeev Bhutani, Senior Vice President, Consumer Electronics, Samsung India.
“We believe it will fuel the demand for consumer electronics products now and in the ensuing festival season,” Bhutani said.
GST Council last week decided that over 50 items should be taxed at 18 per cent, down from the current 28 per cent.
The decision could also boost India’s mobile phone industry as lithium-ion batteries is among the items listed for tax reduction.
“The reduction of GST slab on lithium-ion batteries used in mobile phones from 28 per cent to 18 per cent will certainly prove as a good boost to the mobile phone industry as it would improve the penetration and affordability of the product in smaller towns across the country,” said Sudhir Kumar, CEO of domestic smartphone firm Tambo Mobile.
Domestic consumer electronic brand Intex Technologies also welcomed the move.
“The move by the government to cut GST in product segments like televisions (below 68 cm), washing machines, refrigerators and even powerbanks from 28 per cent to 18 per cent is indeed a very welcome and much awaited move,” said Nidhi Markanday, Director, Intex Technologies.
“The rate cut will benefit consumer durable companies like us to pass on the benefit to the consumers for the upcoming festive season. This move brings cheer to both consumers and players like us. We will definitely re-work the pricing and announce the price drop it well in time for the festive season,” Markanday said.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Reports
New Delhi:(IANS) Nestle India on Wednesday expressed disappointment over the the Indian government filing a suit with the apex consumer forum with regard to Maggi noodles despite the matter being sub-judice and maintained it did not add any MSG or mislead the consumers.
“We are disappointed with the unprecedented step of filing of a complaint before the National Consumer Disputes Redressal Commission (NCDRC) against Nestle India. Based on reports it appears that the complaint makes similar allegations which were made to ban the product on June 5,” the company said in a statement.
These issues are awaiting judgment by the Bombay High Court, the company added.
“We confirm that we do not add Monosodium Glutamate (MSG) in the manufacture of Maggi noodles,” the company said.
It further added that MSG is one of the several forms of glutamic acid found in natural foods such as groundnuts/peanuts, wheat flour, tomatoes and cheese.
“As we use some of these ingredients in Maggi noodles, the product will contain natural glutamic acid. We therefore strongly reiterate that the ‘No Added MSG’ statement on the product was not an attempt to mislead consumers.”
Nestle also said that the company maintains the highest standards of food quality and safety in the manufacture of all its products.
“Consumer trust has been of paramount importance to Nestle over the 103 years of its presence in India,” it said.
The company added it had a stringent programme to test the ingredients that went into making of this popular snack.
“In recent months, we had over 2,700 samples of Maggi noodles tested by several accredited laboratories in India and abroad. Each one of these tests have shown lead to be far below the permissible limits,” the statement added.
The five samples tested by the Government Accredited Referral Food Laboratory, Central Food Technological Research Institute, Mysuru, on samples sent by the Food and Drug Administration (FDA), Goa, had also found similar results.
“Maggi noodles made in India have been tested and found to be safe for consumption by the authorities of several countries across the world.”
The food safety regulator had ordered Nestle to withdraw Maggi noodles after some samples were reportedly found to contain higher-than-permissible levels of lead — a finding that was rejected by the company, saying its own independent tests suggested otherwise.
The company had halted the production of Maggi noodles in its factories since June 5 and decided to withdraw it from the market.
