GST roll out difficult until 2015, says Mariwala

The introduction of Goods and Services Tax (GST) would not be possible till 2015, Marico Chairman and Managing Director Harsh Mariwala, who is also heading the FICCI task force on the GST, said today.

“GST roll out will not be before 2015. Then also I feel it will be difficult,” Mariwala told reporters on the sidelines of FICCI National Executive meeting here.

FICCI will act as a channel in convincing the state governments on GST and will help them to overcome apprehensions regarding it, he said.

GST is a comprehensive tax reform that proposes to replace the plethora of indirect taxes levied by states and the Centre with one tax.

When asked if Marico is planning to raise price on back of rising input prices like coconut, he said not immediately as the company is covered till next one month.

“The coconut prices have gone up by 15 per cent and it constitutes about 35-40 per cent of our total raw material. We are not looking to hike prices immediately as we are covered for next one month. We will take a decision after that,” he added.

Talking about the company’s inorganic growth, he said, with depreciating rupee overseas brand acquisitions have become costlier.

“The falling rupee has made acquisition of foreign brands expensive. On the domestic front we are always hungry to for brand acquisitions but our focus is mainly beauty and wellness,” he said.

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