Godrej Locking Solutions and Systems, the company which has been securing Indian homes for 120 years, has lauded the GST rates which have made locking solutions more affordable to the people. The company has announced that it would be passing the benefit of GST to the consumers by suitably revising its wholesale and retail prices across the country.
Post GST, a major category of locks has come down to 18%. In a country, where over 60% of the locking solutions market is unorganized; this move will help branded lock manufacturers as price has been one of the key factors influencing the purchase decision. The decision is especially beneficial for the customers in the Tier 2 and 3 markets. Godrej Locking Solutions and Systems expects small towns to account for 5-10 per cent of its sales this fiscal and believes the share can double by 2020.
Shyam Motwani, Executive Vice President and Business Head in Godrej Locking Solutions and Systems, said “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 and Systems will be passing the benefits to their customers by suitably revising its wholesale and retail prices across the country.”
The locking solutions market in India is worth Rs 4000 crore. Godrej Locks commands 45% share of the organized locks market.
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