FMCG major Hindustan Unilever will pay Rs 119 crore as GST benefit accrued to the government. "Effective November 15 , GST rates were reduced for some of our categories from 28% to 18%. "The firm had voluntarily offered to pay this amount suo motu to the governmen," the firm said. We have not recognised this amount as a revenue and holding it as a liability in our books. The government wanted to ensure that this intent was translated into action.From releasing ads informing consumers about revised prices to deploying software to closely monitor billing and invoicing at retail stores, most companies ensured that products reflected the reduced GST rates on shop shelves.

Source: Economic Times February 08, 2018 08:38 UTC