NEW DELHI: Government today said the declaration of new MRP on unsold stock manufactured/ packed/ imported prior to July 1 should not be done mechanically but after factoring in and taking into consideration extra availability of input tax credit under GST.
A joint statement was issued by the Department of Revenue and the Department of Consumer Affairs today. The statement said that it was clarified to all concerned that in the circular dated 04.07.2017, the phrase “the increased amount of tax due to GST, if any” means “the effective increase in the tax liability calculated after taking into consideration extra availability of input tax credit under GST”. (AGENCIES)
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