Importers of food i.e. unsold inventories of imported chocolate, confectionery and cosmetics, which attracted 28% Integrated Goods & Services Tax (GST) during inbound shipments will now be a retailing tax of 18%. They can now claim refunds on excess GST but also have to submit proofs. The reduction in GST rates for products imported at a higher … Continue reading “Good news for importers of food, cosmetics will get refund on excess GST”

The Central Board of Excise and Customs (CBEC) has written to Fast-Moving Consumer Goods (FMCG) companies to pronto revise the maximum retail price (MRP) on all products with respect to the latest reductions in Goods and Services Tax (GST) rates. The benefit of reduction in the GST rate has to be passed on by the suppliers … Continue reading “CBEC Advised FMCG to pronto revise MRP of Products”