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Print New MRP On Unsold Stock After Factoring In Input Tax Credit: Government
On July 4, the Consumer Affairs Ministry relaxed norms under the Legal Metrology (packaged commodities) rule and allowed companies to clear unsold stocks by September with new MRP factoring GST. A circular was issued in this regard.
The companies should not print new MRP on unsold stock manufactured, packed or imported prior to July "mechanically" but after taking into account extra availability of input tax credit under the GST, the government said today.On July 4, the Consumer Affairs Ministry relaxed norms under the Legal Metrology (packaged commodities) rule and allowed companies to clear unsold stocks by September with new MRP factoring GST. A circular was issued in this regard.
In a joint statement, consumer affairs and finance ministries clarified that in the circular the phrase "the increased amount of tax due to GST", if any means "the effective increase in the tax liability calculated after taking into consideration extra availability of input tax credit under GST (including deemed credit available to the traders under CGST)".Thus, the declaration of new MRP on unsold stock manufactured/packed/ imported prior to July 1, 2017 should not be done 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 subsection (3) of section 140 of the CGST Act,2017, it added.
The GST has been rolled out from July 1, under which VAT and octroi are subsumed and there is single tax nationwide.
