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Gemini Edibles & Fats slashes MRP of Freedom sunflower & rice bran oil
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Friday, 14 July, 2017, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Gemini Edibles and Fats India Pvt Ltd has reduced the maximum retail prices (MRP) of two of their products - Freedom Refined Sunflower Oil (their flagship brand) and Freedom Physically Refined Rice Bran Oil (which has just been launched).
While the MRP of the one-litre pouch of the former has been slashed from Rs 109 to Rs 105, that of its five-litre HDPE jar has been reduced from Rs 555 to Rs 535. The price of the latter has been slashed from Rs Rs 105 to Rs 101.
The step has been taken in a bid to pass on the benefits of goods and services tax (GST) and input cost credit to the customers.
P Chandra Shekhara Reddy, vice-president, sales and marketing, Gemini Edibles and Fats India Pvt Ltd, said, “With the introduction of GST, there is no change in the rate of tax on edible oil in Andhra Pradesh and Telangana.”
“However, there is a small reduction in taxes from six per cent and 5.5 per cent, respectively, to five per cent in Odisha and Karnataka. Also, with the introduction of GST, we will also enjoy the benefit of borderless trade,” he added.
“Moreover, we will also be eligible for increased input tax credit, as GST gives the flexibility of getting input credit on services, and also from inter-state purchases, which is likely to reduce the prices by approximately one per cent,” Reddy said.
“Keeping in view all these reasons, we are pleased to reduce the MRP for our brands, Freedom Refined Sunflower Oil and Freedom Physically refined Rice Bran Oil,” he added.
“We would like to thank our customers for the love and affection shown towards the Freedom brand, and would like them to continue the patronage by living healthy and happy lives, enjoying the freedom to eat and freedom to enjoy,” Reddy said.
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