Govt forms Central Monitoring Panel to monitor prices under GST regime

Govt forms Central Monitoring Panel to monitor prices under GST regime


Govt forms Central Monitoring Panel to monitor prices under GST regime


New Delhi: Revenue Secretary Hasmukh Adhia today said that government has formed Central Monitoring Panel to keep vigil on the price and other related issue after the implementation of Goods and Services Tax (GST). Claiming that the implementation of GST has been smooth so far, Revenue Secretary said that the Central Monitoring panel will meet every Tuesday to review the situation. He said that all state governments except Jammu and Kashmir have notified GST related rules. Addressing media persons here today Dr Adhia said, “We are closely monitoring the price situation and supply situation.” On the issue of old stock he said that manufacturers have to give an advertisement in newspaper about change of price and revised price to be displayed alongside old price. The traders having old stock have been given three month time (till 30 September 2017) to paste sticker of revised Maximum Retail Price (MRP) on the items to be sold in retail. But they must display the old rates too on the items if the rates have gone up. In case of the reduced rates, they do not require to give advertisements in the newspapers. In that case they just have to paste stickers of less revised rates on the items. Dr Adhia said that government is giving all the information on price rise and reduction on the items to the consumers. He asked traders to pass on the benefits of GST to their consumers. He once again clarified that those having a trade of less than Rs 20 lakhs, do not require to register for the GST. It is not must for them to keep the records of each and every bill or top issue bills for every items as government will get the taxes from the whole sellers or from the manufactures. He also announced that government will organize one hour daily master classes for media and traders for seven days from Jul 6, 2017 which will be telecast live.

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