CBEC chief asks FMCG companies to revise MRP post GST rate cut

21 November, 2017, 16:40 | Author: Regina Silva
  • CBEC chief asks FMCG companies to revise MRP post GST rate cut

With the GST Council in its 23rd Meeting announcing the reduction of the GST rate from 28% to 18% on goods falling under 178 headings, the Central Board of Excise & Customs (CBEC) in a statement has urged companies to immediately revise the MRP on all the products.

On concerns over small businesses coming under the lens of the anti-profiteering authority, Mr Adhiya also said it will take action only against big organised sector companies because they have the full retail chain and they decide the MRP. As a result of the reduction in the tax rates, we have immediately passed on the benefits to our consumers.

In accordance with the GST laws, we had last week communicated to all our business and trade associates directing them to start charging the revised lower GST rates, wherever applicable, on all existing stocks.

Last week the GST Council slashed tax rates on fast-moving consumer goods and restaurants. "The Government expects that the industry should immediately respond to the earlier appeal made by the Finance Minister on this issue", it said.

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Union Finance Secretary Hasmukh Adhia has asked India Inc to pass on the benefits of Goods and Services rate cuts to the consumers. GST has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

Items on which tax rate has been cut from 28 per cent to 18 per cent include chewing gum, chocolates, coffee, custard powder, marble and granite, dental hygiene products, polishes and creams, sanitary ware, leather clothing, artificial fur, wigs, cookers, stoves, after-shave, deodorant, detergent and washing power, razors and blades, cutlery, storage water heater, batteries, goggles, wrist watches and mattress.

According to an official in CBEC, complaints have been pouring in from consumers across the country about GST being levied on MRP of products by both online and offline retailers.

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