The official further said, “The department of consumer affairs will most likely extend it, and will issue a directive next week.” Previously, the last date was extended from September 30 to December 31. The latest tweaks in GST rates drafted more issue with goods displaying old prices inscribed on them.
As the new indirect tax rollout on July 1, the government had permitted businesses to show information about the revisioned MRP on the stock of pre-GST time by the way of online printing, putting a sticker, and stamping. Further, after April 1, businesses will not have to show information of GST employed on packaged goods. They will only require showing the amended MRP. Businesses will require displaying the price tweak in MRP after GST rollout, the official explained. Businesses and firms are given enough time to disburse after GST stocks.
Praveen Khandelwal, secretary general of Confederation of All India Traders (CAIT) had explained, “To bring equity between pre and post GST period it is necessary that remaining period of the current fiscal year should be granted to liquidate the stocks.”
Earlier, last month, CAIT had mentioned to consumer affairs, food, and public distribution minister Ram Vilas Paswan and requested to amend the last date till March 31, 2018. A representative of Dabur said, “Extension of deadline for putting stickers on new prices will help liquidate unsold inventory and ensure that end consumers benefit from the GST reduction.”
Previously, in July, consumer affair minister had cautioned businesses that not mentioning rectified MRP on goods whose costs have been scaled up after GST roll out can attract a fine and in some cases to a jail term.
He further said, “Strict action will be taken against those who do not comply and publicise their revised MRP in case of an increase.” and “It is similar to the process of labeling undertaken during the sale. You just have to stick a revised MRP, so that consumers know changes in rates after GST.”