New Delhi [India], Nov 21 (ANI): Central Board of Excise & Customs (CBEC) Chairperson Vanaja N Sarna has written to all the major Fast-Moving Consumer Goods (FMCG) companies pointing out the need to immediately revise the maximum retail price on all the products on which the GST has been reduced, the Finance Ministry said on Monday.
"Sarna has also requested companies to give wide publicity to the revised MRP of products," the Finance Ministry said.
The government expects that the industry should immediately respond to the earlier appeal made by Finance Minister Arun Jaitley on the issue.
Passing the benefit of GST rate reduction to the consumers is expected to encourage domestic demand and investment among others.
"The benefit of reduction in the GST rate has to be passed on by the suppliers to the consumers by way of commensurate reduction in prices," the Finance Ministry added.
The GST Council at its 23rd meeting held on November 10, 2017 in Guwahati, had recommended the reduction of the GST rate from 28 to 18 percent on goods falling under 178 headings.
Now only 50 items are under the GST slab rate of 28 percent.
A large number of items have also witnessed a reduction in GST rates from 18 to 12 percent, 12 to 5 percent and so on.
All these changes are effective from the midnight of November 14, 2017.(ANI)
This story has not been edited. It has been published as provided by ANI