Packaged consumer goods will not be sold at an old maximum retail price (MRP) from 1st October under GST. The goods made before the implementation of GST will be seized across the country as decided by the authorities. The selling of old stock under GST will be ending on 30th September.
According to the Consumer Ministry, there is a less chance of extension of selling old stock with the new MRP in the era of new GST Regime. From 1st October, the traders will not be able to sell old stock with the new MRP under GST.
The Food and Consumer Affairs Minister had already given a three-month extension to all manufacturers and traders for selling an old stock under GST, and this deadline will be ending on 30th September. Previously, traders were allowed to replace old MRP with new MRP to sell out old stock under the new indirect tax regime.
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According to the Food and Consumer Affairs, three months are sufficient for selling an old stock with the new MRP under the new tax regime. It is anticipated that there is a less chance to extend the deadlines under this. Although, the Consumer Ministry has sought information from all the states in this regard, so to conceive a clear picture before 30th September.
Almost 22 companies reduced their prices in less than three months of time while around 305 companies hiked the prices after the implementation of GST. And after this, there have been 450 complaints received in the past 80 days of overall structuring.
