November 20, 2017

// // Leave a Comment

CBEC asks FMCG companies to revise MRP on products according to latest GST revision

Vanaja Sarna the chairperson of the Central Board of Excise and Customs (CBEC) has written to FMCG companies to revise MRP on products so that they are in sync with the recent revision in GST slabs. The letter emphasizes on getting the changes done at the earliest.

Over 178 items of daily use have been moved from the 28% tax bracket to 18% bracket. The letter to the Fast Moving Consumer Goods (FMCG) companies states that rates need to be revised immediately for all those products where there has been a tax reduction.

Vanaja Sarna
Image Source - The Hindu

GST rates have been revised for a large number of items from all tax slabs. Many of the items from the 18% tax slab have also been put to 12% slab, and a few items from the 12% tax slab have shifted to 5%. According to the ministry, the suppliers should not be the only one getting the benefits of the tax reduction it needs to be passed on to the consumers as well.

After the revision in the tax slabs, there are only 50 items that are still a part of the 28% tax bracket, as compared to the initial 178.  


Post a Comment