Rahul Lathi (13 Points)

10 May 2007  
For a pharmaceutical manufacturing company, MVAT is to be charged on the MRP printed on the product.
But Central Government has said that the MRP of pharmaceutical products is inclusive of all taxes.
So how the tax calculation will be made ????
Isnt these two provisions conflicting as if we calculate VAT on MRP which is inclusive of tax (inclusive of VAT also, implied), it will amount to tax on tax ???