What is the full form of MRP ?

Answer:

Mrp Definition: MRP Full Form: Maximum Retail Price

Mrp Description:
The full form of MRP is the Maximum Retail Price. The maximum retail price or MRP is the highest possible price that can be charged for a particular product in a particular country.
The maximum retail price is calculated by the manufacturer of that product. The maximum retail price is calculated by adding cost price, transportation cost as well as all other government taxes that are being levied on that particular product with varies from product to product.
In some cases, the product can be sold below the market price by the retailer. All kinds of products are labelled with the Maximum retail price mentioned on it in India which allow customers to know the highest price of that product at which it can be sold and brought.
Maximum retail price is a way to prevent sellers and retailers to sell a particular product at a price higher than the market price. However, some products can be charged more than MRP mentioned such as in tourist places especially in the hill stations where those products are not available easily. So the retailers charge more than the maximum retail price. The concept of Maximum retail price was first presented in 1990 in India following the amendment of the Standards of Weights and Measures Act, 1997.
Since its launch, the concept of MRP has been criticized a lot. Here are some of the reasons behind the characterisation of MRP –

Legal metrology rules, PCR, 2011 governs the maximum retail price concept and according to this rule –
The government introduced new rules for MRP after the implementation of GST these are –
The MRP is calculated through a formula which is –
Maximum retail price = manufacturing cost + packaging cost + profit margin + CnF margin + stockist margin + retailer margin + GST + Transportation + Marketing or advertisement expenses + other reasonable expenses
Yes GST is included in MRP because the name itself Maximum retail price says that it includes all kinds of costs and expenses including all types of taxes which contains GST as well. So the retailers can’t charge GST separately over the MRP mentioned on