There has been a substantial confusion in the change of MRP (Maximum Retail Price) of the goods under GST. According to our sources, with respect to recently released Government regulations; the Businesses are prescribed to put revised rates along with the original rates as a sticker on the product with in next three months i.e. till September 30th, 2017. If they fail to do so, legal action can be taken against them.
“Under the GST regime, if a price of a product has increased the manufacturer/ importer/ packer will have to give an advertisement in two newspapers about the new MRP and put a revised sticker on the packaging.
New MRP rates should be quoted on the items where the prices have increased due to GST so that purchasers are aware of the impact of GST. Products whose rates have come down under GST, no newspaper advertisement is required. However, a sticker mentioning the new MRP is mandatory, and the old price should show too on the packaging, the Finance Ministry said.
The Government will closely be monitoring the price and supply situations under GST. A Central Monitoring Committee will be held every Tuesday to monitor GST comprising of top 15 Secretaries.
Source: Times of India