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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/
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Location: Sector 11, Rohini, Delhi, 110085, India

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