Price Revision Post GST To Be Through Ads, Revised Stickers: Government

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As part of its drive to allay confusion and fear among masses about the revised prices post GST implementation and ensure smooth rollout, government has asked companies to put in place revised price stickers.

Price Revision Post GST To Be Through Ads, Revised Stickers: Government

The law defines MRP as the highest price that can be a charged for a commodity from a consumer after inclusion of all taxes. And the left over or unsold pre-packaged goods can now be marketed and sold to consumers with an add-on price tag. As per the notification, the old MRP has also to be clearly displayed along with the revised price sticker. The option is open only until September 30 and from October 1 all pre-packed goods are required to bear only one MRP price that includes GST.

"Fall in prices due to lower GST should be passed on to consumers. ...The government will take legal action against vendors not declaring revised MRP after GST," said Paswan, Food and Consumer Affairs Minister. He also warned of legal actions against manufacturers not resorting to putting revised price tags post GST implementation.

For unsold stocks, where price of the good shall be increased after GST, manufacturers, importers and packers are advised to atleast put in 2 ads in 2 or more newspapers so as to inform about the price change to the masses.

The notification said "the difference between the retail sale price printed in original on the package and the revised price shall not, in any case, be higher than the extent of increase in tax" or in the case of imposition of fresh tax on account of the implementation of the GST, it said". The original MRP shall continue to be displayed and the revised price shall not overwrite on it.

Further the notification stated that wrapper or the packaging material which was not exhausted until July 1 can also be used for packing material until September 30, 2017.

GoodReturns.in

Read more about: mrp, gst, consumer, affairs, minister
Story first published: Wednesday, July 5, 2017, 14:44 [IST]
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