Post revision in taxation, CBEC appeals industry - companies to pass on benefits
Updated: Nov 21, 2017 06:15:39am
Post revision in taxation, CBEC appeals industry - companies to pass on benefits
New Delhi, Nov 21 (KNN) With the GST Council in its 23rd Meeting announcing the reduction of the GST rate from 28% to 18% on goods falling under 178 headings, the Central Board of Excise & Customs (CBEC) in a statement has urged companies to immediately revise the MRP on all the products.
A press statement from Ministry of Finanance quoted Vanaja N. Sarna, Chairperson of CBEC has written to all the major Fast-Moving Conumer Goods (FMCG) companies notifying to immediately revise the MRP.
With the latest revisions, now only 50 items under the GST slab rate of 28%. A large number of items have also witnessed a reduction in GST rates from 18% to 12%, 12% to 5% and so on.
All these changes are effective from the midnight of 14th November, 2017. The benefit of reduction in the GST rate has to be passed on by the suppliers to the consumers by way of commensurate reduction in prices, the release added. (With PIB inputs) (KNN/DA)