Goods and Services Tax – General FAQ on GST – Frequently Asked Questions – 170712-01 – Q. 1 What is MRP? Ans. MRP is the maximum retail sale price inclusive of all taxes. Q. 2 Whether GST is included in MRP? Ans. Yes. The MRP on a pre-packaged commodity is inclusive of all taxes that can be levied from the consumer, including the GST. Q. 3 Whether any retailer may charge GST over MRP? Ans. No. GST is included in MRP and is not to be charged over MRP. Q. 4 Is it allowed to revise the MRP if there is any price change after coming into force of the GST law? Ans. With coming into force of the GST law, in rare cases, where there is a need for revising the retail sale price above the already printed MRP on a pre-packaged comm
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
5 How new MRP will be calculated for the purposes of labeling? Ans. New MRP of unsold stock manufacture/packed/imported prior to 1st July, 2017 should not be calculated mechanically but after factoring in and taking into consideration extra availability of input tax credit under GST [including deemed credit available to traders under provision to sub-section (3) of section 140 of the CGST Act, 2017]. Q. 6 How upward revision of prices can be displayed? Ans. After declaration of the price by the manufacturer/Packer/Importer by complying with the procedure explained in answers to the questions 4 and 5 above, either the Manufacturer/Packer/Importer as the case may be or a Wholesaler/Retailer shall affix a sticker/print/stamp indicat
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
er. Q. 8 Does the order on MRP issued by the department of Consumer Affairs apply to all the goods? Ans. The order applies only to the goods sold in the pre-packaged form, excluding scheduled formulations and non-scheduled formulation covered under the drugs (price control) order. Commodities sold in loose condition are not covered under the said order. Q. 9 What is the time limit for display of revision of MRP through stickers/stamps/online printing, on unsold stocks? Ans. The time limit is 30th September, 2017 or till the stock remains unsold, whichever is earlier. Q. 10 Is the said order applicable for unused wrappers? Ans. Yes. Any packaging material or wrapper which could not be exhausted by the manufacturer or packer or
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =