(1) A registered dealer of any particular class or classes, as may be notified by the Government, who is either an importer or a manufacturer may at his option, pay, in lieu of tax payable by him under sub-section(1) of section 14, tax at such rate as specified in that Schedule on the Maximum Retail Price of such goods.

Note : Maximum Retail Price (MRP) for the purpose of this rule is the price printed on label or packet of the goods or the regulated retail price of the goods, if any.

(2) A dealer paying tax on Maximum Retail Price under sub-rule(1) shall separately indicate the Maximum Retail Price of the goods on the body of the tax invoice and also super scribe on it the words "INVOICE FOR TAX ON MRP"

(3) A dealer purchasing goods on payment of tax on MRP shall be entitled to collect output tax equal to the amount of input tax paid by him on the invoice.