MRP VALUATION RULE

[SHIVKUMAR SHARMA]

Dear Experts

One of my friend mfg.textile binders(Textile chemical) packed in small plastic bottle of 30 ML and 80 ML mentioning MRP of ₹ 18 and ₹ 38 respectively and the same is removed from the factory and Prepared the Excise Invoice @ ₹ 297 Per Kg..The Product is covered under central excise tariff sub heading No.39069030.

Pls. Give your expert opinion whether this type of transaction is covered under MRP valuation rule.

Presently we are clearing the goods on transaction value that is correct. Pls.give your opinion.

AI Summary

MRP Valuation Rule Not Applicable for Textile Binders in Small Bottles if Rule 34 Exemption Applies; Transaction Value Correct A participant inquired about the applicability of the MRP valuation rule for textile binders packed in small bottles with specified MRPs, removed from the factory, and invoiced per kilogram under a specific excise tariff. The response indicated that if Rule 34 of the Standards of Weights and Measures (Packaged Commodities) Rules, 1977 exempts the packages in question from marking prices, the MRP rule would not apply. The current practice of clearing goods based on transaction value was deemed correct.