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What is Taxable Turnover?

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posted Jun 16 by Shamita

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Taxable turnover means the turnover on which the dealer is liable to pay tax. Taxable turnover is determined after making the following deductions from the Gross turnover:

(a) the turnover of goods exempt from tax
(b) the turnover of sale of goods sold in course of inter State trade and commerce, to outside the territory of India, sold to a unit under SEZ, STP, EHTP or to an EOU.
(c) All amounts allowed as cash discount, or trade discount
(d) Cost of outward freight by a dealer for transportation of goods for the purchases.
(e) In case of works contract, the expenditure incurred towards labour and service

answer Jun 17 by Mukul Chag
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