i have a doubt on vat calculation on medicines in karnataka.
Vat on medicines in karnataka is on MRP. What does it mean?
a) does it mean that manufacturer or the number 1 seller will pay complete Vat and noone is required to pay it thereafter?
b) does it mean that vat will be calculated on MRP and will be paid by all?
vat is charged on basis of Maximum Retail Price, not on invoice value, but the same is inclusive in MRP for buyer.
A R JADHAV AND ASSOCIATES
Mumbai
CA Inter
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BHUPINDER SHAH AND COMPANY
New Delhi
CA Inter
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