GST ON MRP goods

[Arindam Mukherjee]

Can any body help me out the MRP of normal goods. GST Rate of medicines.

Thanks &Regds

Arindam Mukherjee

[SHIVKUMAR SHARMA]

There is no MRP Concept in the GST.

[NEERAJ KUMAR, RANCHI]

Yes no MRP concept in GST.... Normal rate of 12 % applicable for medicine.

AI Summary

No MRP concept in GST; medicines instead incur the applicable standard GST rate under the framework for taxable goods. Under GST there is no MRP concept; valuation and taxable event rules govern taxation of goods. Medicines are classified as taxable goods and attract the normal applicable GST rate, identified by contributors here as 12%, subject to the statutory rate schedule, classification rules, and any exemptions or notifications.