HM Bharuka, vice chairman and managing director of Kansai Nerolac said that it was the company's duty to pass the GST cut benefit to its customers.

The GST council on Saturday slashed tax rates on a number of products, ranging from paints, white goods to footwears.

"Overall EBITDA level of paint companies is very good and I don’t think we should become greedy and we should pass it on entirely to customers," he said.

Talking about the company's business, Bharuka said, "Last 28 years, we have been having a double digit growth and I have been saying that maybe next 20-25 years we will have a double-digit growth."

While Shekhar Bajaj, CMD of Bajaj Electricals, said, “When the initial reduction took place in the lighting and fans, we immediately passed on the full amount. Same thing we will do in appliances."