Published:September 29, 2017 9:50 pm
The authorities has extended the deadline for sale of pre-GST goods with stickers of revised charges by three months to December 31, Consumer Affairs Minister Ram Vilas Paswan stated on Friday.
The choice got here after a number of corporations and retailers physique CAIT highlighted that they’re nonetheless left with large unsold shares of pre-GST goods and want extra time to clear that.
After implementing GST from July 1, the federal government had allowed use of stickers with revised charges, alongside the printed MRP for pre-packaged objects to replicate adjustments in selling worth for three months until September 30.
The unsold objects had an MRP which included all taxes of pre-GST period however with the implementation of recent regime, among the closing retail costs have undergone change due to enhance or lower in tax incidence.
“On packaged commodities, industry can display revised MRP due to GST implementation using sticker/ stamping/online printing up to December 31 2017”, Consumer Affairs, Food and Public Distribution Minister Ram Vilas Paswan tweeted.
A senior client affairs ministry official stated the deadline has been extended following demand from a number of corporations like Wipro, HPL and different non-food corporations.
Since meals objects have expiry date for consumption, there weren’t many representations from such corporations, the official added.
Traders physique CAIT on Friday claimed that goods value Rs 6 lakh crore could turn into redundant if the final date for utilizing MRP-labelled outdated inventory just isn’t extended past September 30.
“The government hereby further permits the manufacturers or packers or importers of pre-packaged commodities to declare the changed retail price (MRP) on the unsold stock manufactured/packed/imported prior to July 1, 2017 after inclusion of the increased amount of tax due to GST, if any, in addition to the existing retail price (MRP), up to December 31, 2017,” stated a authorities communication.
Businesses had held discussions with client affairs ministry concerning unsold shares, which took up the matter with the income division.
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