During shopping, Some peoples aks for VAT 4% on MRP and some doesnt have that funa. What is the actual concept.
Priyanka Kala (Student CA & CS) (1397 Points)
29 May 2008During shopping, Some peoples aks for VAT 4% on MRP and some doesnt have that funa. What is the actual concept.
biren thakkar
(accounts manager)
(231 Points)
Replied 03 June 2008
Dear Apurva,
Generally, MRP(Maximum Retail Price) includes All taxes. Mostly on the products there is always a label containing MRP of that particular Product, in that cases no VAT shall be taken because the customer has already paid the price including taxes.
CAclubindia
