Godrej, a well-reputed business organisation having trade links across the nation has decided to pass the benefits of GST to the consumers through its Locks used for security purposes in residential and commercial properties.
The organisation has decided to drop down the tax rate on the locks for about 5 to 7 percent in order to facilitate the consumers offering them more viable security at a niche level. Godrej Locking Solutions and Systems VP and business head Shyam Motwani stated that in this regard that, “With GST a tax 18 % will be levied on our locks. We have decided to pass on the benefit to the consumers by suitably revising its wholesale and retail prices across the country,”
It was learned that before the GST implementation, the lock industry was going through 22 to 25 percent tax levy. Currently, the industry generates a staggering 45 percent from the 19 thousand crores organised lock industry and it speculates that the figure will rise even more.
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Motwani further added, “GST is a landmark move towards one nation, one tax initiative. The locks category will now attract 18 % GST. This is a positively beneficial move for the industry. We expect demand for branded locks to increase in the near future,”
“Godrej locking solutions has been securing Indian homes for 120 years now. With GST, we expect the demand for branded locks to increase and consumers will have access to improved security at affordable prices,” he added. It is estimated that the total lock industry calculates at around 4800 crores in which 60 percent of the lock industry coming from the unorganised sector. GST has already made a vast scope for the industry to develop themselves and has made various opportunities open to the industries and sectors.