Government releases MRP rules under GST | Fusion - WeRIndia

Government releases MRP rules under GST

Government releases MRP rules under GST

The new Goods and Services tax, or GST, has just been released on the 1st of July, bringing with it many revolutionary changes to the economy of India.

On Tuesday, the government laid out the rules regarding the maximum retail price, or MRP, for all goods under the GST.

This is a relief to many, since most people have been confused about what this tax will change about the MRP on Indian products.

The secretary of the Department of Consumer Affairs, Avinash Srivastava, explained how there will have to be a revised sticker put on the packaging of any product that has received a price increase.

Both the old and the new MRP will also have to be placed on the item’s packaging. There will also have to be an advertisement in two newspapers about the new MRP, in order to inform customers.

It is crucial that this part of the GST be understood, because there will be legal action taken against any who refuse to follow the new rules and regulations, as said by the Food and Consumer Affairs Minister, Ram Vilas Paswan.

However, there will be a dispensation of three months, ending on the 30th of September, for any old stocks being held. For products with reduced prices under the GST, there do not need to be any advertisements published in the newspapers.

However, both a sticker with the new MRP and the old MRP must be present on the packaging.

This is the most ambitious and revolutionary reform in the economy of India since the nation regained its independence in 1947, and therefore, it is being closely monitored to ensure its success. There will be troubles in the beginnings of this tax’s implementation, which happens with anything new.

However, in the long term, the GST is expected to raise the country’s Gross Domestic Product (or GDP) by an entire 2%.

Image credit: Image by M Ameen from Pixabay (Free for commercial use)

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