Skip to main content

No extension for sale of pre-GST stock with revised MRP stickers: Ram Vilas Paswan

By
No extension for sale of pre-GST stock with revised MRP stickers: Ram Vilas Paswan 
The government will not further extend the deadline for selling pre-GST stock with revised maximum retail price (MRP) stickers beyond this month, Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan has said. 
When the goods and service tax (GST) came to be implemented from July 1st last year, the government had allowed marketers to display alongside the old MRP, details of the revised MRP on pre-GST stocks by way of stamping, putting sticker, or online printing. "Retailers will display only one MRP after 31st March. We are not in favour of providing an extension of deadline for MRP stickering," Paswan told reporters on the sidelines of World Consumer Rights Day briefing here on Thursday. 
The process of sticking revised MRP on packaged products had to be undertaken by manufacturers, packers and importers only, the department had notified. The department of consumer affairs had been receiving requests from the industry to extend the deadline so it was easier to liquidate pre-GST stocks. The deadline was extended from September 30th to December 31st last year, and finally to 31st March this year. 
The Minister said that the industry has received enough time to comply with post-GST changes. "If retailers do not comply with the mandate, we will see what punishment suits them," Paswan said on Thursday. In case of increase in price of the commodity after implementation of GST, it had to be notified to the department (of consumer affairs) and also advertised in national newspapers by the manufacturers. 
The Economics Times, New Delhi, 16th March 2018

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more