The GST Council, as widely expected, moved to a two-slab indirect tax system by retaining the 5% and 18% rates and doing away with the 12% and 28% slabs. The GST Council has been maintaining the four-slab structure since 2017, when the indirect tax system was first introduced.
FAQs on price revision by CA Bimal Jain
Department of Consumer Affairs Weights and Measures Unit issued Circular dated 09.09.2025 giving Permission to the manufacturers or packers or importers of pre-packaged commodities to declare the revised MRP on unsold stock-change in GST rates.
Furnishing of monthly report on GST rate changed pre and post change w.e.f 22.09.2025 for six month to the Department of Revenue
Ministry of Chemicals & Fertilizers, Department of Pharmaceuticals National Pharmaceutical Pricing Authority issued OFFICE MEMORANDUM on 12.09.2025 regarding Implementation of revision in Maximum Retail Price (MRP) due to reduction in Goods and Service Tax (GST) Rates.
Govt has allowed companies to display revised MRP on old packs of products that remain unsold, in a relief to packaged goods manufacturers who were awaiting clarity on labelling and packaging to devise strategies around passing on GST benefits to consumers.
The finance ministry has asked Central GST field officers to submit monthly report of price change in 54 commonly use items, like butter, thermometer and toys, after the new lower GST rates are implemented from September 22.
The finance ministry has asked Central GST field officers to submit monthly report of price change in 54 commonly use items, like butter, thermometer and toys, after the new lower GST rates are implemented from September 22.
A long-overdue reduction in India’s consumption taxes is yet to take effect, but Prime Minister Narendra Modi has already hailed it as the nation’s “biggest reform” since independence in 1947. But if the change is as dramatic as it’s cracked up to be, why is the stock market not impressed?
“The #NextGenGST measures reflect the vision of ‘Swasth Bharat’ by making essential food items, cooking essentials and protein-rich products more affordable for families across India.
