GST: FIRMS CAN PASTE MRP LABELS ON UNSOLD STOCK TILL MARCH
The government has allowed companies, till March 2018, to paste price stickers on unsold packaged products to reflect new MRP (maximum retail price) post-goods and services tax (GST), Consumer Affairs Minister Ram Vilas Paswan said on Saturday. After GST became effective from July 1, companies were asked to use stickers on unsold packaged commodities to display new MRP till September, which was later extended till December.
The government has allowed companies, till March 2018, to paste price stickers on unsold packaged products to reflect new maximum retail price (MRP) post-goods and services tax (GST), Consumer Affairs Minister Ram Vilas Paswan said on Saturday. After GST became effective from July 1, companies were asked to use stickers on unsold packaged commodities to display new MRP till September, which was later extended till December.
When rates of about 200 items were cut mid-November, the ministry permitted to paste additional stickers under the the Legal Metrology (Packaged Commodities) Rules, 2011.
“In case of GST, we allowed companies to paste stickers on unsold packaged products till December. In the last GST council meeting, GST rates have been reduced for about 200 items. So, we have decided to extend the December deadline to March 2018,” Paswan said.
Last month, the ministry had allowed to “affix an additional sticker or stamping or online printing for declaring the reduced MRP on the prepackaged commodity”.
As many as 178 items of daily use have been shifted from the top tax bracket of 28 per cent to 18 per cent, while a uniform 5 per cent tax was prescribed for all restaurants, both air-conditioned and non-AC.
To ensure that GST cuts are passed on to consumers, Paswan had recently directed the state legal metrology officers to check if companies are pasting the new MRP stickers.