Government may extend deadline for sale of MRP labelled pre-GST stock

HIGHLIGHTS

  • Government may extend the last date for selling MRP labelled pre-GST stock
  • The move has reportedly received nod from the Finance Ministry and will be notified by the Consumer Affairs Ministry
  • On Thursday, Finance Minister had met exporters and industry bodies to discuss their concerns and glitches regarding GST

NEW DELHI: On Friday, news agency ANI quoted Finance Ministry sources to report that the government may extend the last date for selling MRP (Maximum Retail Price) labelled pre-GST stock.
In yet another tweet, the news agency quoted sources saying that the Finance Ministry has given nod to the extension which will be notified by the Consumer Affairs Ministry.
Under the existing rules, companies have time till September 30 to clear unsold pre-GST goods with a revised MRP to be displayed along with printed sale price to reflect the changes post the new tax regime kicking in. Also, the old MRP will have to be clearly on display along with the revised MRP sticker.

The move, if it comes through, will indeed be a relief for traders and retailers who were reportedly stuck with old stocks.

On Thursday, Finance Minister had met exporters and industry bodies to discuss their concerns and glitches regarding GST. The meeting was also attended by GSTN (Goods and Services Tax Network) chief A B Pandey.