GST Now Being Mulled To Be Part Of MRP

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After a surge in complaints from consumers that some of the retailers are charging GST over and above the maximum retail price, the group of state ministers have sought to bring GST within the scope of MRP for a product i.e specify the GST rate on it.
In view of this, GST Council headed by Finance Minister Arun Jaitley in its next meet on November 10 is likely to take up the issue and order restaurateur, malls and other outlets to mandatorily mention GST in the MRP.

GST Now Being Mulled To Be Part Of MRP

The group of state finance ministers met recently to address the issue and suggests that government need to make it clear that MRP is the maximum retail price and if a retailer resorts to charging any price over this amount than this is an offense.

On filing their tax returns, businesses can indicate the selling price and the GST component separately. Time and again, the government has been tweaking GST norms given the feedback of small business entities and consumers. To provide ease to business, it has extended GSTR filing dates.

Goodreturns.in

Story first published: Tuesday, October 31, 2017, 13:37 [IST]
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