Paswan warned retailers to update prices on unsold products or face jail term or penalty.
To ensure the smooth functioning and the implementation of the Goods and Services Tax (GST), the Finance Ministry along with the Central Board of Excise and Customs on Friday has launched the ‘GST Rates Finder’ app for the consumers to be up to date with the tax slabs on various commodities and services under the new tax regime.
At present this application is only available for the Android users, but will soon be introduced for Ios and offline mode once downloaded.
The Consumer Affairs Minister Ram Vilas Paswan on Friday had cautioned the retailers that not putting the revised prices on the product in accordance with the GST could lead to a penalty up to Rs 1 lakh and a jail term. “Strict actions will be taken against those who do not comply and publicise their revised MRP in case of an increase,” he said.
Earlier this week, the Centre had allowed manufactures stuck with unsold products manufactured before July 1, to change their MRP by pasting new price stickers. Notably, this has been allowed only for three months. The manufacturers can increase or decrease the prices of these products depending whether the tax on these products has risen or decreased post GST.
“We have told companies to reprint revised rates on unsold goods. Stickers of new MRP should be pasted so that consumers are aware of the change in rates after GST,” Paswan added.
Non-compliance of this rule will attract a fine of Rs 25,000 for first time offence, Rs 50,000 for the second time and up to Rs 1 lakh penalty for third offence onwards and even imprisonment of up to one year, Paswan told PTI.
GST is an indirect tax applicable throughout India, which has replaced multiple cascading taxes levied by the central and state governments.
In India, under GST, goods and services are taxed at the following rates, 0 percent, 5 percent, 12 percent, 18percent and 28 percent. There is a special rate of 0.25 percent on rough precious and semi-precious stones and 3percent on gold. In addition a cess of 15 percent or other rates on top of 28 percent GST applies on few items like aerated drinks, luxury cars and tobacco products.