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.
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