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After reducing prices of various products in response to lower tax slabs with implementation of Goods and Services Tax in July, Godrej Locking Solutions and Systems has again decided to pass on the benefits of recently announced cut in GST rates.
The GST Council recently recommended major relief in GST rates from 28 per cent to 18 per cent on certain goods and services. Godrej has announced price reduction on certain products such as mortise handles, door controls, furniture fittings and kitchen fittings, which were earlier in the 28-per-cent GST bracket.
On implementation of GST in July, large portfolio of company's products had fallen to 18 per cent GST bracket from pre-GST rate of 22-25 per cent.
The company refused to divulge details about the quantum of price cuts undertaken both the times. Shyam Motwani, Executive Vice-President and head of business, is hopeful that the price cuts will help customers in tier II and III cities, whose share in the company's total revenues is expected to double by 2020 from 5-10 per cent estimated in FY-18.
He expects the company, which is growing at 15 per cent, to reach ₹1,000 crore revenues in the next two years.
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