.jpg?downsize=773:435 "Government Watching Prices, Supply To Check GST-Related Disruption")
The government is closely monitoring price and supply situation of goods and services under the new indirect tax regime to keep a check on inflation, Revenue Secretary Hasmukh Adhia said on Tuesday.
A Central Monitoring Committee constituted by the Cabinet Secretary and comprising of 15 top secretaries, will meet every Tuesday to take stock of the situation.
Besides, the government has also formed committees, consisting of 175 government officials of additional secretary and joint secretary rank, he told reporters in New Delhi. These committees or groups will each monitor changes caused due to the Goods and Services Tax (GST) in four to five districts.
These officers will meet tomorrow (Wednesday), and they will be told how to monitor the situation. They will not have to go on field, but will have to monitor the situation by taking feedback from various sources to check the impact of GST.Hasmukh Adhia, Revenue Secretary
Adhia said that he hopes government does not have to use the anti-profiteering provision under GST, and competition and consumer awareness will keep a check on prices.
MRP Rules Under GST
The government has given manufacturers time till September 30 to print new maximum retail price on items for which prices have been revised due to GST, said Consumer Affairs Secretary Avinash Srivastava who was also present at the briefing.
Change in prices for existing or unsold stock, will have to be shown by using stickers with revised rates alongside the printed MRP. On items where the price has to be increased for unsold stocks, the manufacturer or packer or importer will have to give at least two advertisements in two or more newspapers informing people about the change, Srivastava said.
The clarification from the government came as several businesses were left with unsold inventories before the GST kicked in from July 1. The unsold items had an MRP which included all taxes of pre-GST era but with the implementation of the new regime, some retail prices have undergone changes because of increase or decrease in tax incidences.
The printed MRP on pre-packaged items will now have to include the GST rate and no stickers would be allowed post September 30, the secretary added.
Consumer affairs minister Ram Vilas Paswan tweeted about it earlier in the day.
The shopkeepers not mentioning MRP revised because of GST will be liable for legal action.
The government is also conducting GST masterclass for businesses, chartered accountants, tax practitioners and media persons to make them aware of various aspects of GST.
Also Read: GST To Bolster Revenue Only In Long Term, Says Fitch
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