CBEC appeals Industries to reduce MRP to pass benefit of reduced GST rates

CBEC appeals Industries to reduce MRP to pass benefit of reduced GST rates

PRESS RELEASE

20th November 2017

 

SUBJECT : APPEAL TO INDUSTRY LEADERS TO PASS THEBENEFIT OF GST RATE REDUCTION TO THE CONSUMERS

The GST Council in its 23rd meeting held on 10th November, 2017 at Guwahati, hasrecommended the reduction of the GST rate from 28% to 18% on goods falling under 178headings, leaving only 50 items under the GST slab rate of 28%. A large number of itemshave also witnessed a reduction in GST rates from 18% to 12%, 12% to 5% and so on. Allthese changes are effective from the midnight of 14th November, 2017. The benefit ofreduction in the GST rate has to be passed on by the suppliers to the consumers by way ofcommensurate reduction in prices. The reduction in GST rates is also expected to encouragedomestic demand and investment. Ms. Vanaja N. Sarna, Chairperson, Central Board of Excise & Customs (CBEC) hasaddressed a letter to all the major Fast-Moving Consumer Goods (FMCG) companiespointing out the need to immediately revise the MRP on all the products in which thereduction of GST has been announced by the Council. She has also requested all to givewide publicity to the revised MRP of products. The Government expects that the industryshould immediately respond to the earlier appeal made by the Finance Minister on this issue.

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