MRP compliance on GST from oct 1
I suggest that for old stock if the old MRP is low and prices have increased, the trader should be selling at old MRP.
If the price has reduced, the trader MUST sell the old stock at new MRP by showing a mfg price catalogue.
If however they are caught not doing the same, the stock be confiscated. more
If the price has reduced, the trader MUST sell the old stock at new MRP by showing a mfg price catalogue.
If however they are caught not doing the same, the stock be confiscated. more
Viewed by 569
My opinion is as under [-- 1) Before MRP Act, the seller used to charged extra under the guise of – “local taxes, sales tax, transport charges, cooling/storing charges, etc.” The reason for bringing MRP was to get the product at reasonable/one cost at all places. This MRP includes all type of local taxes, costs, profit also. 2) First duty/Tax at the time of clearance of goods from the factory of manufacture was Central Excise duty. When MRP is printed/declared on the packed commodity C.Ex.Duty (Now GST), was to be paid by calculation on declared MRP, at the time of clearance from factory gate In case of flooring / tiles, which falls under chapter 69 of Central Excise Tariff, if the MRP is Rs.100/- basic price is Rs.45/-(after allowing deduction of all the expenses such as “local taxes, sales tax, transport charges, cooling/storing charges, etc.=termed as ABATEMENT). and duty is paid on (treating basic price as )Rs.45/-. 3) Hence old stock is duty paid and MRP cannot be changed on such goods. more
Sep 27
there shouid be some solution to exhaust the old stock if price is reduced. the traders having low turnover may get loss. more
Sep 27
