GST Rate Transmission: CBIC Calls For Six-Month Price-Monitoring Report
The Central Board of Indirect Taxes & Customs has called for a six-month monitoring report on prices after the rate change in goods and services tax from Sept. 22.
The data is to be collected between September 2025 and March 2026, according to a letter written to all chief and principal commissioners of central tax across India.
The officers have been directed to submit monthly reports on commodity-wise price changes. The CBIC has also asked for price data on at least 54 fast-moving consumer goods, said the letter, reviewed by NDTV Profit.
Additionally, the CBIC has asked for a comparison in prices before the change in the GST and after. The reports asked by the CBIC must be compiled from field formations and trade associations of each jurisdiction.
The letter also clarifies that the data must include price detail in terms of maximum retail price for comparable units.
At the 56th GST Council meeting, major rate reductions were cleared for everyday FMCG products to ease household budgets. A wide basket of essentials including UHT milk, paneer, parathas, namkeens, biscuits, butter, ghee, sugar confections, cornflakes and condiments that were moved to lower GST slabs of 5% or even zero.
However, earlier this month, India's FMCG industry and allied associations have approached the Ministry of Consumer Affairs, seeking more time to implement and pass on benefits to consumers. This comes as the latest GST rate cuts whip up logistical and operational hurdles, industry sources, who do not wish to be named, told NDTV Profit.
