GST impact: Cos face jail term for not reprinting revised MRP on inventory

GST, Goods and services tax, GST regime, GST rollout, indirect tax, tax

Manufacturers have been allowed to clear the unsold stocks by September with new MRP

 

LATEST NEWS  :  Consumer Affairs Minister Ram Vilas Paswan today warned of a fine of up to Rs 1 lakh, including a jail term, if new post GST rates are not printed on the inventory in the interest of consumers.

 

Manufacturers have been allowed to clear the unsold stocks by September with new MRP.

 

A committee of the consumer affairs ministry has been set up to address consumer grievances on GST and even helplines have been increased to 60 from 14 to address tax related queries, he said.

 

More than 700 queries have been received by the consumer helplines and the ministry has sought expert help from its finance counterpart to resolve them.

 

“There are initial hiccups while implementing GST, but all those will be resolved soon. All ministries concerned, including finance and consumer affairs, are alert and a redressal mechanism is in place to resolve the concerns of consumers and traders,” Paswan told reporters here.

 

Under the GST regime, he said some prices of goods have fallen and some have risen.

 

“We have told companies to reprint revised rates on unsold goods. Stickers of new MRP should be pasted so that consumers are aware of the change in rates after GST,” he said.

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