New Delhi, July 4: The government today introduced the rules for the Maximum Retail Price (MRP) under the nationwide Goods and Services Tax. Proper reflection of changes in the prices of all goods is a must, failing which, the government has warned that a penalty will be imposed. Food and Consumer Affairs Minister Ram Vilas

Food and Consumer Affairs Minister Ram Vilas Paswan clarified that all manufacturers and traders could enjoy some relaxation until September 30, after which the new rules pertaining to the Maximum Retail Price will become the norm. The extension is provided so that suppliers can clear off the old stocks.

The government has also asked retailers to advertise the revised rated in case the prices of any particular goods have increased. In case the prices have decreased, no advertisement is needed. However, in such cases, a sticker mentioning the rates before and after the GST must be stuck to the product.

Announcing the new rules, Department of Consumer Affairs Secretary Avinash Srivastava said, “Under the GST regime, if a price of a product has increased the manufacturer/ importer/ packer will have to give an advertisement in two newspapers about the new MRP and put a revised sticker on the packaging. Packing material is quite costly so traders can be use their existing stock up to September, by just putting a new MRP sticker”

Further, a recent government notification further expanded on the new norms and stated, “The central government hereby, permits the manufacturer or packer or importer of pre-packaged commodities to declare the changed retail sale price (MRP) for three months from July 1-September 30. Declaration of the changed MRP shall be made by way of stamping or putting a sticker or online printing. “The original MRP shall continue to be displayed and the revised price shall not overwrite on it. “