Hi friends,
Yesterday i saw a bill where the shopkeeper had charged VAT on the MRP of the item purchased (A shirt). Isn't MRP inclusive of VAT too. Just wanted a clarification.
Thank you
N V S Pawan Kumar (student) (113 Points)
11 July 2011Hi friends,
Yesterday i saw a bill where the shopkeeper had charged VAT on the MRP of the item purchased (A shirt). Isn't MRP inclusive of VAT too. Just wanted a clarification.
Thank you
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 July 2011
look at MRP tag
MRP ....... ( taxes extra), otherwise he can not charge on it
P.S.KARTHIC
(ACCOUNTS MANAGER)
(31 Points)
Replied 12 July 2011
Any vat increased or decreased in TNVAT ?
ashish gupta
( student)
(1922 Points)
Replied 12 July 2011
yes MRP is inclusive of all taxes definitely including VAT. generally in branded products, the dealers gain is the discount they get on MRP. nevertheless, the bill should not exceed the MRP value and MRP is including the VAT.
Sagar Devani
(Corporate and International Taxation)
(1174 Points)
Replied 12 July 2011
Bill amount cannot exceed MRP. MRP is inclusive of VAT and other taxes