Recording Sales at MRP Rate (Excise for Manufacturer)

When goods are configured to be sold at MRP rate, tax is calculated on MRP in the sales invoice.

ABC Company sells Oval Eyeglasses, model T1234 100 nos. at MRP rates (revised once in 15days) as specified below:

To Configure MRP based Tax Calculation

1.     Click F12: Configure in the Excise Tariff Details screen.

2.     Enable the option Enable Tax Based on MRP.

3.     Press Ctrl+A.

4.     Enable the option Calculate Duty on MRP.

5.     Enter the Abatement%, as required.

To Define MRP Details

1.     Enable the option Set/ alter MRP details in the stock item master.

2.     Press Enter.

3.     Click L: Details.

4.     Enter MRP Details.

5.     Press Enter.

6.     Press Enter to save the MRP details screen.

To record an MRP Sales Transaction

1.     Go to Gateway of Tally > Accounting Vouchers > F8: Sales.

2.     Select ABC Company as the Tax Unit. The Excise Book Name and the Rule 11 Serial No are displayed automatically.

3.     Enter details as shown in the image below:

4.     Click A: Tax Analysis.

The tax analysis shows that the duty is calculated on Rs. 6,60,000.00. Since the invoice date was recorded on 20 May, 2014, the MRP rate is 6,600.

5.     Press Esc.

6.     Press Ctrl+A.

Similarly, you can define MRP details for a specific period, and record the invoice. The duty rate will be calculated on the MRP rate defined.

To Configure MRP State-wise

1.     Enable the option Set/ alter MRP details in the stock item master.

2.     Click F12: Configure.

3.     Enable Allow state-wise MRP.

4.     Select the State and enter the MRP.

The MRP Details screen appears as shown below:

5.     Press Enter.

Depending on the state selected in the party ledger, the MRP will be calculated in the transaction.