Goods and Services Tax – GST – By: – CASanjay Kumawat – Dated:- 1-9-2017 – Introduction A maximum retail price (MRP) is a manufacturer calculated price that is the highest price that can be charged for a product sold in India. However, retailers may choose to sell products for less than the MRP. MRP differs from systems using a recommended retail price because in those systems the price calculated by the manufacturer is only a recommendation, not enforceable by law. All retail products in India must be marked with MRP. Retailers cannot charge customers over the MRP. Some retailers may charge slightly below MRP to draw more customers to their stores. In some remote areas, tourist spots, and in situations where a product is difficult to obtain, consumers are often charged illegally over the MRP. MRP includes GST MRP is the maximum retail sale price inclusive of all taxes. Accordingly, the MRP on a pre-packaged commodity is inclusive of all taxes that can be levied from the consumer, inc
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30th September, 2017. Manufacturers/ Packers/ Importers can declare such revised MRP on their unsold stock through stickers/ online printing/ stamping, with the following conditions: Difference cannot exceed the net price increase on account of incidence of tax after factoring in and taking into consideration extra availability of input tax credit under GST [including deemed credit available to traders under proviso to section 140(3) of the CGST Act,2017], Original MRP shall continue to be displayed and the revised MRP shall not overwrite on it, and Manufacturers or packers or importers shall make at least two advertisements in one or more newspapers in this regard and also by circulation of notices to the dealers and to the Director of Legal Metrology in the Central Government and Controllers of Legal Metrology in the States and Union Territories, indicating the change in the price of such packages. It may be noted that the order on MRP issued by the Department of Consumer Affairs app
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the revised prices so fixed, advertised and communicated by the Manufacturer/ Packer/ Importer. Downward revision: As per proviso to Rule 6(3) of the Legal Metrology (Packaged Commodities) Rules, 2011 reduced MRP may be declared by putting a separate revised MRP sticker, and the same shall not cover the MRP declaration made by the Manufacturer/ Packer/ Importer. Further, Advertisement and intimation to Legal Metrology authorities will not be mandatory in case of such downward revision, Either the Manufacturer/ Packer/ Importer as the case may be or a Wholesaler/ Retailer shall affix the sticker displaying reduced MRP as per the price fixed and communicated by the Manufacturer/ Packer/ Importer. Time limit to revise the MRP The time limit is 30th September 2017 or till the stock remains unsold, whichever is earlier. Revision in case of unused wrappers any packaging material or wrapper which could not be exhausted by the manufacturer or packer or importer prior to 1st July, 2017, may be
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