Indian value added tax (VAT)
Can VAT system work on items where MRP inclusive of tax is prescribed?
By  Saket Sharma  |  09 Dec 2016  |  Upvotes: 0  | 

1 Answer(s)

Ravindra Purohit

Yes, MRP is always inclusive of tax. Tax component and tax exclusive price can be calculated by applying tax fraction [r/(r+100) where r is the tax rate] on the MRP.

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