GST impact: Firms face jail term for not printing revised MRP on inventory

Manufacturers have been allowed to clear pre-GST unsold stocks by September 30 with the new MRP

The government has warned companies to depict the revised Maximum Retail Price (MRP) of their products' unsold stocks in the goods and services tax (GST) regime.

If not, stated consumer affairs minister Ram Vilas Paswan on Friday, there could be a penalty of up to a year in jail, for breach of the Legal Metrology (Packaged Commodities) Rules.

"Non-compliance of this will attract a fine of Rs 25,000 for a first offence, Rs 50,000 for a second time and up to Rs 1 lakh penalty for the third offence onwards and even imprisonment of up to one year," the minister said. He did