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

AI Summary

MRP-Based Valuation Not Applicable Under GST; Transaction Value Used Instead, MRP Display Still Mandatory Under Legal Metrology Act. A query was raised regarding the treatment of MRP-based valuation under GST, as it was previously used in Central Excise with a rebate. Responses clarified that the GST framework does not include provisions for MRP-based valuation. Instead, GST is applied based on the transaction value. However, the requirement to display MRP remains mandatory under the Legal Metrology Act and its associated rules. This indicates a shift from MRP-based tax calculations to a focus on transaction values under GST.