UltraTech Cement has reduced prices of its products by 2-3 per cent, extending benefits of a tax reduction under the countrys Goods and Service Tax (GST) regime, local press report.

The company has started the supply of batches from its warehouses on new rates effective 1 July, when the new tax structure came into force.

Cement has been taxed at 28 per cent under the GST as compared to 30-31 per cent in the previous taxation system. The reduction in prices would vary from state to state. (Source: Fintech)