Govt:Pre-GST stocks to have revised MRP stickers

Govt:Pre-GST stocks to have revised MRP stickers

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NEW DELHI: The government is expected to allow use of stickers to display revised maximum retail price (MRP) on unsold pre-GST stocks for three months until March 31, a senior official said.

“The department of consumer affairs will most likely extend it, and will issue a directive next week,” the government official told ET. The department had earlier extended the deadline from September 30 to December 31. Recent changes in GST rates again created a problem of goods carrying old prices printed on them.

When the goods and service tax (GST) was implemented on July 1, the government had allowed marketers to display details of the revised MRP on pre-GST stocks b way of stamping, putting sticker, or online printing. Also, from April 1 onward, manufacturers will not have to display details of GST on packaged commodities. They will need to display only the revised MRP, the official said.

Manufacturers will still need to advertise the change in MRP after implementation of GST, the official said. Trade and industry had sought more time to liquidate pre-GST stocks.

“To bring equity between pre and post GST period it is necessary that remaining period of current fiscal year should be granted to liquidate the stocks,” said Praveen Khandelwal, secretary general of Confederation of All India Traders (CAIT). CAIT had last month written to consumer affairs, food and public distribution minister Ram Vilas Paswan, seeking that the last date be extended till March 31, 2018.

A spokesperson for Dabur said, “Extension of deadline for putting stickers with new prices will help liquidate unsold inventory and ensure that end consumers benefit from the GST reduction.”

 In July, Paswan had warned manufacturers that not displaying revised MRP on products whose prices have increased after the implementation of GST could lead to a fine, and even a jail term.
“Strict action will be taken against those who do not comply and publicise their revised MRP in case of an increase,” he had said. “It is similar to the process of labelling undertaken during sale. You just have to stick a revised MRP, so that consumers know changes in rates after GST,” he had said.
source by:-indiatimes
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