CA Shivani Bhardwaj (Chartered Accountant) (158 Points)
20 March 2017
VAT is a tax on the actual sale price at which the goods are finally sold. MRP, an acronym for the Maximum Retail Price, is a statutory limit above which an item cannot be sold but can be sold below it. A discount implies a concession being offered on the labelled price. It may be watched however that the total price being charged after including VAT should not exceed the MRP.
CA Shivani Bhardwaj
(Chartered Accountant)
(158 Points)
Replied 21 March 2017
CAclubindia
