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Sale of  ‘VAT on MRP’ Goods

1.  MRP in Stock Item Master

  • Once MRP is enabled, two new fields, MRP and MRP Incl. of VAT will appear in the Stock Item Master Creation/Alteration.
  • If MRP is inclusive of VAT, enter the MRP value in the MRP field and select Yes in the MRP Incl. of VAT field.
Single Stock Item Creation

2. Creating Sales Invoice for VAT on MRP

Given below are few examples to show the calculation of VAT based on MRP (inclusive and non-inclusive of taxes).

VAT Rate 4%

MRP Inclusive of VAT

Consider the sale of Item 1, which attracts 4% VAT:

 

Item Name

Item Vatable @ %

MRP Incl. of Tax

VAT %

MRP

QTY

VAT On

VAT Amount

Item 1

4.0

Yes

3.85

200

10

2000

76.92

 

Calculations:

1. As MRP is inclusive of Tax, the actual VAT% is calculated as (100*Rate of VAT)/ (100+Rate of VAT)

2. VAT amount = (VAT % * VAT On)/100.  

3. VAT On = MRP * Qty

3. Creating Purchase Invoice for VAT on MRP

All calculations are the same as explained in the Sales Invoice.

4. Tax Invoice with MRP details

Printing Configuration

A new field is included in the Printing Configuration screen ( F12 > Printing > Sales Transactions > Sales Invoice ) called Print MRP/Marginal Column. Set to Yes in order to have the MRP printed on the Invoice.
 
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