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Mar, 03 2015

Budget 2015 after effect: Amul hikes price of condensed milk

The government has also raised service tax from 12.4 per cent to 14 per cent, while excise duty has been hiked to 12.5 per cent from 12 per cent.

With announcement of service tax rising, Amul has hiked the price of its condensed milk.

The group also said that they may hike the price of milk, malted milk food products, chocolates and peanut butter.

An excise duty of 2 per cent without CENVAT credit has been levied on condensed milk and peanut butter.

Amul has already effected a price hike on its 'Mithai Mate' condensed milk by Rs 3 to Rs 88 for a 400gm tin to factor in the excise levy, R S Sodhi, MD, Gujarat Co-operative Milk Marketing Federation (GCMMF), the maker of Amul, told TOI.

On other milk-based products, he said, "We'll consider passing on part of the cost-increase to consumers, as and when we decide on price changes."

Also, milk products have been removed from the list of exemptions from service tax on transportation of 'food stuff' by rail, vessels and road.

The government has also raised service tax from 12.4 per cent to 14 per cent, while excise duty has been hiked to 12.5 per cent from 12 per cent.

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