Finance ministry, consumer affairs department review MRP circular

Following industry representations, the September 9  circular, which mandated manufacturers and importers to change maximum retail prices (MRPs) of unsold stocks in accordance with cuts in rates of goods and services tax (GST), is being reviewed, people familiar with the matter told Business Standard. 

Businesses say they may find it difficult to reduce prices to the full extent of GST reduction because they may have paid higher input taxes on stocks lying with them. For that they won’t be refunded. 

According to a government official, the Union Ministry of Finance and the Department of Consumer Affairs have received inputs from