Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can VAT system work on items where MRP inclusive of tax is prescribed?

inclusive items mrp prescribed system tax VAT
0
Posted

Can VAT system work on items where MRP inclusive of tax is prescribed?

0 CommentsAdd a Comment

1 Answer

0

A. Yes. MRP can be inclusive of tax. Tax component and tax exclusive price can be calculated by applying tax fraction [r/(r+100) where r is the tax rate] on the MRP.

0 CommentsAdd a Comment

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.