The government has asked manufacturers to revise the maximum retail price (MRP) on unsold stocks in line with the change in GST rates. The government has reduced GST on various products and services, which will come into effect from September 22.
The domestic cigarette industry is expected to see a 6-8 per cent volume contraction next fiscal following the imposition of additional excise duties and increase in goods and services tax (GST) rates from February 1, Crisil Ratings said on Wednesday.
GCMMF, which markets dairy items under Amul brand, on Saturday announced reduction of retail prices of more than 700 product packs, including ghee, butter ice cream, bakery and frozen snacks, as it decided to pass on benefits of the GST rate cut to consumers. The new price will be effective from September 22.
With lower GST rates taking effect, fast-moving consumer goods players face challenges in setting reduced prices for their products in round figures, but expect the magical price points to be restored within two months.
Recalling or relabelling medicines already in the supply chain before September 22 will not be mandatory, the finance ministry said on Tuesday, issuing a fresh set of frequently asked questions (FAQs) to address industry concerns following the announcement of goods and services tax (GST) revisions.
Lower rates effectively increase disposable income, strengthen purchasing capacity, and support broader consumption growth.
The National Pharmaceutical Pricing Authority will monitor how companies are increasing prices of non-scheduled drugs.
Several fast-moving consumer goods (FMCG) companies have said that they would pass on the full benefit of goods and services tax (GST) rate cuts to consumers starting September 22. Dairy major Mother Dairy, on Tuesday, announced rate cuts in products spanning its portfolio-- from milkshakes to paneer and jams to frozen products under its Safal brand.
Daily essentials and food products will be cheaper from Monday, as leading FMCG companies have slashed prices, extending GST cut benefits to consumers.
The rationalisation of goods and services tax (GST), announced on Wednesday, directly lowers the cost of everyday medical consumables, and also high-end therapies in oncology and rare diseases, helping reduce out-of-pocket patient expenditure and better adherence to medication.
18% cent GST on iPhones continues to weigh heavily on the final cost to Indian consumers, limiting the impact of price cuts.
State Bank of India (SBI), in a report on Friday, claimed a significant decline in the headline poverty ratio in rural areas on account of enhanced physical infrastructure, higher consumption growth in the bottom fractile and direct benefit transfers (DBTs).
Major edible oil companies, including Adani Wilmar and Ruchi Soya, have reduced the maximum retail price (MRP) of their products by 10-15 per cent to provide relief to consumers, industry body SEA said on Monday. The prices have been reduced by Adani Wilmar (on Fortune brands), Ruchi Soya (Mahakosh, Sunrich, Ruchi Gold and Nutrella brands), Emami (Healthy & Tasty brands), Bunge (Dalda, Gagan, Chambal brands) and Gemini (Freedom sunflower oil brands), it said. OFCO (Nutrilive brands), Frigorifico Allana (Sunny brands), Gokul Agro (Vitalife, Mahek and Zaika brands) and others have also reduced prices, it added.
The idea of the MRP is becoming less relevant and should be replaced by portfolio pricing.
India's MRP and Packaged Commodities Acts are dated and not in line with the modern world's digital price mechanisms and comparisons.
'Government is saying that I will not be responsible for ensuring you get MSP but traders and large corporate will be responsible. 'India now is the only country that is saying such things'
Customers can now WhatsApp their complaints on 9869691666 or dial 022-22886666 between 10 a.m. to 5.30 p.m. to register their complaints.
The government's decision to impose excise duty on the maximum retail price of all drugs -- which took effect from January 8 -- may have an adverse impact on the domestic operations of drug makers, said analysts.
Broadcast regulator TRAI is likely to fix the maximum retail price for television channels under the Conditional Access System regime, which will require a nine-month transition period as per the consensus, the government said on Monday.
The government has been stringent with pricing changes. Prices of 651 essential medicines came down from April 1, 2023 by 6.73 per cent with the government capping ceiling prices of these drugs.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
The government has capped the trade margin on oxygen concentrators at 70 per cent in order to keep in check the price of the much in demand critical life saving component amid the second wave of the coronavirus pandemic. The trade margin has been capped at 70 per cent on price to distributor level on oxygen concentrators. In an official release, the chemicals and fertilisers ministry said the decision has been taken in view of the extraordinary circumstances arising due to the pandemic which has resulted in volatility in Maximum Retail Prices (MRP) of oxygen concentrators.
Not only chemists, but several known private hospitals are selling medicines at higher prices than MRP, said Singh, adding that the matter was not peculiar to Punjab, but afflicts the whole country.
Trade generic drugs (medicines that are sold directly through distributors) are fast becoming a key segment for domestic pharma firms as volume growth slows in the overall market. Big companies like Cipla and Alkem have a significant presence in the segment but recently, players like Torrent Pharmaceuticals and Dr Reddy's Laboratories (DRL) have also entered this market. What is driving big pharma's focus on trade generics? The volume growth in the Indian Pharma Market (IPM) has come down from 5.6 per cent in FY16 to 0.1 per cent in FY23.
The Gujarat Cooperative Milk Marketing Federation (GCMMF), which markets its dairy products under the Amul brand, on Tuesday increased the prices of its Gold, Taaza and Shakti milk brands by Rs 2 per litre. The new prices will be effective from Wednesday, the GCMMF said in a statement. This price hike is being done due to an increase in the overall cost of operation and production of milk, it said.
For instance, a pack of 20 Classic branded cigarettes (from ITC) now costs Rs 120.
This move is expected to benefit 22 lakh cancer patients in the country.
The SET's findings have now been taken on record by the Central Bureau of Investigation which recently raided the 2008-batch Indian Revenue Service officer after it filed an FIR against him for corruption and alleged violation of rules in the raids that took place at the Cordelia cruise berthed at the Mumbai coast on October 2, 2021.
From Samsung to Apple iPhone XR, smartphone firms are showering discounts in April.
From a commercial standpoint, reducing the price of each SKU, particularly with a small MRP (Rs 5 or below) is often a challenge, including availability of legal tender below Re 1
The medical devices, which have been in high demand during the Covid-19 pandemic, will now see a drop in prices, as the earlier margins were up to 709 per cent for some of these products.
The National Anti-Profiteering Authority has ordered FMCG major Nestle to deposit Rs 73.15 crore with Consumer Welfare Fund for not passing GST rate reduction benefit to consumers. Refuting the charges, Nestle said the benefits largely have been passed on by way of reduction of MRP or by way of increase in grammage.
'The SJM has requested the government to bring a change in the law which will ensure MSP as the floor price for all farmers below which nobody should buy anything from them.'
The company will supply the drug to major government as well as private hospitals across India, Dr Reddy's said in a regulatory filing.
The Maharashtra government has capped the prices of N-95, double and triple layer masks for suppliers and private hospitals in the wake of the Covid-19 pandemic, state health minister Rajesh Tope has said.
The government has also given permission to 20 plants to produce the antiviral drug.
'All imaginary figures are pushed by government bureaucrats.' 'They never showed that the production of wheat was less this time.'
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