Difference between RSP and MRP
MRP stands for Maximum Retail Price. It means, maximum price charged/to be charged to ultimate consumer.
RSP stands for Retail Sale Price. It is the price agreed between buyer and seller. Ex - Sale by wholesaler to retailer.
RSP is always less than MRP.
please advise me if my MRP is 1599 or my selling price is 899 so on which amount i am liable to pay excise duty.
Excise duty u/s 4A is levied on MRP declared on package intended for retail sale less abatement if any.