MRP based item in GST

[venkat eswaran]

DEar all,

our is a MRP based valuation in Central excsie pmt after rebate of some % on MRP we paying excise duty. In GST how this is to be treated. Whether the same MRP based valuaiton is continued in GST also?

Kindly share your views on this

Thanks in advance

Venkat

[DR.MARIAPPAN GOVINDARAJAN]

This has not been dealt with by model laws.

[MANISH SINHA]

Sir,

There is no provision of MRP Valuations under GST

[YAGAY and SUN]

MRP Provisions have not be mentioned in the Model GST Law meaning that there would be not need to pay the GST on MRP printed on goods intended for sale. However, mentioning of MRP would be mandatory under LM(PC) Rules, 2011 as amended by Rules, 2015.

[Nash Industries I Pvt Ltd]

Under the GST, the valuation is based on the transaction value and the concept of MRP based valuation do not exist. However, MRP needs to be affixed to satisfy the conditions of LM Act and its Rules.

Regards

S.Ramaswamy

[Ganeshan Kalyani]

Under GST, MRP concept is not mentioned. Tax will be on transactional value. Thanks.

AI Summary

MRP-based valuation is not recognised under GST; tax is assessed on the transaction value and MRP remains a labeling requirement.
Under GST, MRP-based valuation is not provided for and tax is to be assessed on the transaction value of supply; MRP labeling remains a separate Legal Metrology compliance requirement and does not determine GST valuation.