Amendment status not verified — confirm the current text below against the official source.
namely:- "Explcmation 1.- For the purposes of computing aggregate turnover of a person for detennining his eligibility to pay tax under this section, the expression .. aggregate turnover" shall include the value of supplies made by such person from the .tst day of April of a financial year up to the date when be becomes Jiable for registration under this Ac4 but shall not include the value of exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount. Explanation 2.-. For the purposes of detennining the tax payable by a person under this section, the expression ••turnover in State" shall not include the value of folJowing supplies, namely:- ( a) supplies from the first day of April of a financial year up to the date when such person becomes liable for registration under this Act; and (b) exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.". In the principal· Act, in section 22, in sub-section ( 1 ), in the second proviso, for the punctuation mark".", the punctuation mark":" shall be substituted and thereafter the following new proviso shall be insertedt namely:- "Provided also that the Government may, on the recommendations of the Council, enhance the aggregate turnover from twenty lakh rupees to such amount not exceeding forty lakh rupees in case of supplier who is engaged exclusively in the supply of goods, subject to such conditions and limitations, as may be notified. Explanation.- For the purposes of this sub-section, a person shall be considered to be engaged exclusively in the supply of goods even if he is engaged in exempt supply of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount.". Amendment of section 25 THE ASSAM GAZETTE, EXTRAORDINARY, DECEMBER 30, 2019 2395