During the inbound shipment, items like Unsold inventory of imported chocolates, confectionery and cosmetics, which already attracted 28% Integrated Goods & Services Tax (GST) are now retailing with an 18% levy, can claim refunds on the excess tax paid.
A senior official of Central Board of Excise and Customs (CBEC) reportedly confirmed the same.
All imports comprised with customs duty and IGST (CGST+SGST), unless specifically exempted. The last GST council held at Guwahati had slashed tax slabs on 178 products, including chocolates, confectionery, deodorants and shampoo, from 28% to 18%. Almost all Indian firms have dropped prices in relevant categories after the cut.
Most of the importers has an opinion that available stock will be offered to the public with 28% GST and awaiting fresh stocks with revised MRPs.
The government has allowed companies to put stickers on unsold stock, printing the new maximum retail prices (MRP) as long as the earlier MRPs are also visible. This facility, available until December 31, applies to both locally manufactured and imported products.
