The finance ministry has directed Central GST field offices to submit monthly reports on price changes in 54 commonly used items such as butter, thermometers and toys after the new lower GST rates are implemented from September 22.
In a letter to Principal Chief Commissioners of CGST zones, the ministry said the first brand-wise comparative report of Maximum Retail Price (MRP) for these commodities must be submitted to the Central Board of Indirect Taxes and Customs (CBIC) by September 30.
According to PTI, the monthly report on pre- and post-September 22 MRPs will need to be sent to the CBIC by the 20th of every month for the next six months.
The list of 54 items includes cement, shampoo, toothpaste, tomato ketchup, jams, ice cream, air conditioners, televisions, diagnostic kits, glucometers, bandages, erasers and crayons, among others.
The GST Council, in its meeting on September 3, had decided to reduce tax rates on 375 items. It also approved a two-tier structure of 5 and 18 per cent, replacing the existing four slabs of 5, 12, 18 and 28 per cent. The new rates come into effect from September 22.
Source #TOI
