STOCK MARKET BSE NSE

Sale of goods above MRP illegal, says Isaac

Finance Minister Thomas Isaac has said the sale of goods above the MRP was illegal. “It has come to the notice of the government that some traders use GST as a cover to sell goods above the MRP. 

Published: 04th July 2017 01:20 AM  |   Last Updated: 04th July 2017 08:12 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: Finance Minister Thomas Isaac has said the sale of goods above the MRP was illegal. “It has come to the notice of the government that some traders use GST as a cover to sell goods above the MRP. They add GST to the existing MRP which is illegal,” he said.

“The existing price is the sum total of VAT, service tax, Central sales tax and other impositions. GST has to be applied only after subtracting old levies,” he said.


The minister also released a list of 10 items for which the prices have come down after GST implementation. They included food, stationery, textiles, consumer durables - whose tax rate had come down. According to the minister, the state government does not have enforcement powers to book traders indulging in overcharging. “Public can lodge complaints with sales tax offices, which in turn will hand over the complaint and supporting documents to the state screening committee of the Anti-Profiteering Authority,” he said. 


State screening committee 


The state screening committee will be formed after the Central Anti-Profiteering Authority is constituted. But this would take at least five months.Traders and businesses charging more than the MRP are liable to be punished under the anti-profiteering clause in GST Act. If found guilty, there is provision to cancel registration of the establishment.  


The penalty includes even cancellation of registration, he said. The minister said the decrease in taxes of commodities should be passed on. “Unfortunately this is not happening. “Worse, the price of chicken has gone up though all taxes on the commodity was removed. Earlier VAT on chicken was 14.5 percent,” he said.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp