Key features of MRP
The MRP full form is Maximum Retail Price is a retailing concept practiced in the markets, for example, you can take the Indian market, and every product has an MRP. The main objective is, where merchandise is shipped from the manufacturing company to the retail store with the fixed final retail rate of the product, that is printed on the product package (including all taxes).
The Revised MRP:
- The original MRP should be visible clearly on the item and the revised MRP should not overlap with the actual price.
- New MRP should be the exact sum of the old MRP and the tax change and not more. For instance, if the old price was Rs. 200 and the tax increase due to GST is Rs.20, the new rate should be Rs.220.
- The customer accepted to revise the MPR is required to give two ads in one or more newspapers and the same need to be intimated to the Director of Legal Metrology and Controlled of Legal Metrology in the state.
Guideline of MRP:
- The Consumer product means all goods and items brought to the market retail price for sales and meant for the use and consumption of the customers.
- Maximum retail price is the price at which the product shall be sold in the market and includes all taxes applied to that certain product.
- Printing of retail rate means the cost of production and retail price at a visible area of that product, either it may be in English or some other native language.
Conclusion:
Under the Consumer Goods (Maximum Retail Price) Act,2014. Some specific guidelines have been published and mandatorily should follow the terms so that the consumer cannot change over the maximum price printer on the products by the manufacturing company.