DEADLINE FOR SALE OF PRE-GST GOODS EXTENDED TO DEC 31
The government has extended the deadline for sale of pre-GST goods with stickers of revised rates by three months to December 31, Consumer Affairs Minister Ram Vilas Paswan said on Friday. The decision came after several firms and retailers body CAIT highlighted that they are still left with unsold stocks of pre-GST goods and need more time to clear them. The unsold items had an MRP, which included all taxes of the pre-GST era but with the implementation of new regime, final retail prices have undergone change due to increase or decrease in the tax incidence.
The government has extended the deadline for sale of pre-GST (goods and services tax) goods with stickers of revised rates by three months to December 31, Consumer Affairs and Food & Public Distribution Minister Ram Vilas Paswan said on Friday.
The decision came after several companies and retailers body, Confederation Of All India Traders (CAIT) highlighted that they are still left with huge unsold stocks of pre-GST goods and need more time to clear that.
After implementing the GST from July 1, the government had allowed use of stickers with revised rates, alongside the printed MRP for pre-packaged items to reflect changes in selling price for three months till September 30.
The unsold items had an MRP that included all taxes of pre- GST era but with the implementation of new regime, some of the final retail prices have undergone change due to increase or decrease in tax incidence.
“On packaged commodities, industry can display revised MRP due to GST implementation using sticker/ stamping/online printing up to December 31 2017,” Paswan tweeted.
A senior consumer affairs ministry official said the deadline has been extended following demand from several companies like Wipro, HPL and other non-food companies.
Since food items have expiry date for consumption, there were not many representations from such companies, the official added.
Traders body CAIT on Friday claimed that goods worth ~6 lakh crore may become redundant if the last date for using MRP-labelled old stock is not extended beyond September 30.