Skip to main content

IMPACT OF GST ON UNSOLD STOCK - DATE EXTENDED TO DECEMBER 31, 2017


Ministry of Consumer Affairs, Government of India, after receiving the requisitions, request and representations from several Corporate and trade associations, manufacturers, traders and industries, has further permitted the manufacturers, packers or importers of pre-packaged commodities to declare the change retail sale price (MRP) on the unsold stock manufactured, packed or imported prior to 1st July, 2017 after inclusion of the increased amount of tax due to GST if any, in addition to the existing retail sale price (MRP), up to 31st December, 2017. Declaration of the changed retail sale price (MRP), shall be made by way of stamping or putting sticker or online printing, as the case may be.

It is important to note that the quantum of increase in the price due to the increase in tax (GST) shall be calculated after giving adjustment effect and utilisation of the Input tax credit (availability / increase) in the final price whose label / stamping  / printing will be done to declare the revised MRP, if any.'

It is also noted rest of the parts of the circular issued on July 4, 2017 shall be applicable accordingly. 

For previous research paper based on the notification dated July 4, 2017 please Click Here.

For detailed report and its impact and discussion, please write to us at:

Compliance Chambers
Advisory & Consulting
F-2/151, Sector 11, Rohini, New Delhi | Pin Code 110085, Nearest Landmark: Fitness Centre Gym 
Mobile: +91 88007 22330, +91 9310048341
Email us at: compliance.chambers@gmail.com
Vist us at: https://compliancechambers.blogspot.in/
Labels:
Location: Sector 11, Rohini, Delhi, 110085, India

Comments

  1. Bryant22 April 2021 at 21:51

    Wow..Amazing blog.. This blog is very helpful for me. Thanks for sharing this information with us. I really appreciate your work.If you require about Startup india rgistration in bangalore | Auditors in bangalore please click on it.

    ReplyDelete

Post a Comment

Popular posts from this blog

BLUETOOTH SIG MEMBERSHIP

The Bluetooth Special Interest Group (SIG) is a network of member organizations that are the caretakers and innovators of Bluetooth® technology. As a Bluetooth SIG member, your organization will join a community that helps you grow your business and shape the future of Bluetooth technology. OBJECTIVE OF BLUETOOTH SIG  The primary purpose of the Bluetooth SIG is to support members to make sure that all Bluetooth products are qualified properly and that they comply with the Bluetooth license agreements. The Bluetooth compliance program consists of two steps, which Bluetooth SIG members have to complete – the qualification and the declaration process. WHEN DO I NEED TO BECOME A BLUETOOTH SIG MEMBER? A. Any company incorporating Bluetooth wireless technology into products, using the technology to offer goods and services or simply re-branding a product with Bluetooth technology wants to use word or symbol of ‘Bluetooth’ on their products must become a me...
7 comments
Read more

SIGNIFICANT BENEFICIAL OWNER - THE COMPANIES ACT PERSPECTIVE

A s per Section 469 of the Companies Act, 2013 (‘Act’) Central Government has the power to make rules for carrying out the provisions of this act. With the power of Section 469 of the Act, the CG has made Companies (Significant Beneficial Owners) Rules, 2018 for carrying out the provisions of Section 90 of the Companies Act, 2013 which is amended in Companies (Amendment) Act, 2017 under section 22. A s per section 90 , of the Act, every individual , who acting alone or together, or through one or more persons or trust, including a trust and persons resident outside India, holds beneficial interests, of not less than twenty-five per cent. or such other percentage as may be prescribed, in shares ( shares includes GDR, compulsory convertible preference shares or compulsory convertible debentures) of a company or the right to exercise, or the actual exercising of significant influence or control as defined in clause (27) of section 2 of the Act. Also as per section 2(6) ,...
22 comments
Read more

FINANCIAL STABILITY REPORT - A BRIEF OVERVIEW

The Reserve Bank of India today released the Financial Stability Report (FSR), 17th in the series. The FSR reflects the overall assessment of the stability of India’s financial system and its resilience to risks emanating from global and domestic factors. The Report also discusses issues relating to developments in and regulation of the financial sector. Global and domestic macro-financial risks ·         Global growth outlook for 2018 remains positive despite some recent softness. ·         Spillover risk from advanced financial markets to emerging markets, however, has increased. ·     Tightening of liquidity conditions in the developed markets alongside expansionary US fiscal policy and a strong US dollar have started to adversely impact emerging market currencies, bonds and capital flows. Firming commodity prices, evolving geopolitical developments and rising protectionist sentiments pose added risks. ·   ...
3 comments
Read more