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of <h1>New Excise Duty Valuation: Toothpaste and Tooth Powders at 70% MRP, Detergents at 65% MRP from Oct 1, 1997.</h1> The circular issued by the Ministry of Finance, Department of Revenue, addresses the implementation of Maximum Retail Price (MRP) based valuation for excise duty on toothpaste, tooth powders, and detergents, effective from October 1, 1997. Under this scheme, the assessable value for excise duty will be 70% of the MRP for toothpaste and tooth powders and 65% for detergents. The circular also mentions provisions for small-scale exemptions and the lapsing of unutilized Modvat credit for manufacturers. Commissioners are instructed to issue trade notices and provide guidance for a smooth transition to the new valuation method.
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