S.No. |
MRP Slab |
Excise Duty |
1 |
MRP Up to Rs. 900/- |
Rs.400/- Per Bulk Liter |
2 |
MRP between Rs. 901/- to Rs. 6000/- |
Rs.300/- Per Bulk Liter |
3 |
MRP above Rs. 6000/- |
5% of MRP |
& formula to calculate MRP is changed from
Current Formula: (MCX4) + (MC-C/OFF) X 1 + CUSTOM DUTY + VAT = MRP
Revise Formula: (MCX2) + STATE EXCISE DUTY + CUSTOM DUTY (160% OF ASS. VALUE) + VAT @ 25% = MRP
According to this notification now Excise Duty is payable on MRP at following slab.
S.No. |
MRP Slab |
Excise Duty |
1 |
MRP Up to Rs. 900/- |
Rs.400/- Per Bulk Liter |
2 |
MRP between Rs. 901/- to Rs. 6000/- |
Rs.300/- Per Bulk Liter |
3 |
MRP above Rs. 6000/- |
5% of MRP |
& formula to calculate MRP is changed from
Current Formula: (MCX4) + (MC-C/OFF) X 1 + CUSTOM DUTY + VAT = MRP
Revise Formula: (MCX2) + STATE EXCISE DUTY + CUSTOM DUTY (160% OF ASS. VALUE)
+ VAT @ 25% = MRP
The detailed report and authenticity data will be posted in detail later. But please note that VAT has now been reduced to 20%. Therefore, all calculations may be done at 20% VAT .
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