Difference between mrp and rsp

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Student
35 Points Posted on 22 August 2014

Dear Frnds, kindly help me out in understanding the difference between maximum retail price and retail sale price

 

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On 22 August 2014 at 13:35 Report
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Quick Summary
MRP is the maximum price printed for sale to consumers, while RSP is the actual selling price agreed between buyer and seller, usually lower than MRP. Tax applicability depends on valuation rules.

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Sr. Officer - Central Excise/Cash
514 Points Posted on 22 August 2014

MRP - Maximum Retail price - Maximum price of the product, which is the maximum price to the end consumar.

RST - Retails Sales Price - Agreed Price of the product between seller and buyer, which is always less from the MRP.

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On 22 August 2014 at 14:34
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Business
28 Points Posted on 04 March 2016

If RSP of our product is less then Rs.1000 and MRP is Rs.1649, whether we are liable to pay Excise Duty @ 2% ? Please advice.

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On 04 March 2016 at 13:56

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