By:
Administrator;
Date Added.: Jul 18, 2010;
Category:
Wine Business
As announced by delWine earlier, the notification has come today that the excise duties have been slashed with immediate effect. The VAT has also been brought down from 25% to 20%. According to this notification now Excise Duty is payable on MRP at the following slab rates.
|
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 .
Source: Del Wine
