GST impact: MRP rules revised

GST impact: MRP rules revised

However, in such cases, a sticker mentioning the rates before and after the GST must be stuck to the product.

According to a government notification, "The central government, hereby, permits the manufacturer or packer or importer of pre-packaged commodities to declare the changed retail sale price (MRP) for three months from July 1-September 30".

"There is either decrease or increase in the price of these items because of GST".

"This relaxation is in the favour of smooth transaction of the GST". Common medicines are also said to be short in supply.Ravi Anand, manager of Suvidha Stores which is one of the local retail chain outlet said no VAT was added on packed wheat earlier but now 5% of GST will be included. However, a sticker mentioning the new MRP is a must. "They can analyse it and compare it", the spokesperson was further quoted by PTI as saying. A downward revision in prices of critical care products like nephrology, cancer and anti-retrovirals is expected post-GST. How GST Will Change Your Life After July 1 Solving the MRP Puzzle The new tax regime, the biggest economic reform since Indepedence, leads to revision of commodities such as packaged foods - the MRP for some going up, while reducing for others.

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The old MRP will have to be necessarily displayed on the unsold inventories and the new rates can be reflected by way of stickers or through online printing alongside, Consumer Affairs Secretary Avinash Srivastava told reporters here.

"On account of implementation of GST with effect from July 1, there may be instances where the retail sale price of a pre-packaged commodity is required to be changed".

Hindustan Unilever said it has already started dispatching products with the revised prices.

The GST Council has put daily use goods as bathing soap, hair oil, detergent powder, soap, tissue papers and napkins under 18 per cent tax slab, while detergents and fizzy beverages like coke and Pepsi are placed under 28 per cent tax bracket.

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