How to vat charge on medicine, its cover in MRP.
1 Replies
Ravi Prasad
(Self employed)
(148 Points)
Replied 08 November 2010
In Karnataka, you can opt for a scheme in which you can pay taxes on MRP basis, but I dont know in other states.
First, if you are selling goods at the MRP see that the value plus taxes donot exceed the MRP. If the MRP value of the goods is Rs.104-00 inclusive of taxes, then bill it as Rs.100-00 for value of the goods and Rs.4-00 as VAT (assuming Medicines are taxable at 4% VAT).
But you have freedom if the goods are MRP plus local taxes extra. In that case, the value of the goods must not exceed the MRP, donot worry about the tax.
Recent Topics
- Gratuity under CTC
- GST refund paid as estimated tax liability
- Salary Income and Professional services income
- Sec 54 and TDS on sale of property
- Airbnb Manager - I manage properties for owners
- Wrong head ed for late fee
- Inter Company trnafer
- Job work-Reg
- Who is liable to pay GST if bank charges excl GST
- Cost of Acquisition IPO cases
Related Threads
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
