Valuation of fertilizers: excise duty assessed on MRP, excluding government subsidy from assessable value for excise purposes. For subsidised fertilizers, excise duty is chargeable on the MRP charged to buyers and not on the subsidy reimbursed by the Government; the subsidy is paid to offset production cost differentials and is not consideration flowing from the buyer, nor an extra commercial consideration for valuation purposes. The circular distinguishes these facts from below cost pricing done to gain market advantage and directs field formations to exclude the subsidy component from the assessable value.