Central GST Officers to Monitor Price Change After GST Rate Cut

The finance ministry mandates monthly reports on price changes for 54 items, including butter and thermometers, post-new GST rate implementation from September 22. The report detailing these changes must be submitted to the CBIC by the 20th monthly for the next six months.

The finance ministry has directed Central GST field officers to monitor and report monthly changes in the prices of 54 regularly used items following the implementation of new, lower GST rates starting from September 22.

A letter addressed to the Principal Chief Commissioners of CGST zones highlighted the necessity of these reports, with a brand-wise Maximum Retail Price (MRP) comparison due to the Central Board of Indirect Taxes and Customs (CBIC) by September 30.

Items on this list include commonly used goods such as cement, shampoo, toothpaste, tomato ketchup, and TVs. The GST Council's meeting on September 3 resulted in a decision to cut tax rates on 375 items and transition to a two-tier structure of 5% and 18% from September 22.

(With inputs from agencies.)