Amendment status not verified — confirm the current text below against the official source.
(1) Subject to sub-sections (2), (3) and (6, the amount of the turnover and the turnover of purchases of a dealer during ~y tax period shall be the amount recorded in the books of account of the dealer, where those accounts are regularly and properly prepared and maintained, under this sub-section so as to give a true and fair view of his business. (2) The Commissioner may, having regard to trade or accounting practice, by notification,- (a) allow certainclesses ofdealer to record turnover on the basis ofthe amounts paid or received by such dealer; or (b) require certain classes of dealer to record turnover on the basis ofthe amounts payable or receivable by such dealer. (3) Where a dealer intends to change the method of determining the turnover and turnover ofpurchases, he shall make the change with the approval of the Commissioner and the Commissioner may grant such approval, subject to such terms and conditions as he may, having regard to trade or accounting practice, deein fit. (4) The Government may prescribe the period for which turnover ofa dealer, turnover of purchases made by a dealer and adjustment of tax or adjustment to a tax credit by a dealer shall be treated as arising for a class of transactions during that period. CHAPTER I11 SPECIAL PROVISIONS RELATING IU USED GOODS, COMPOSITION OF TAX, AND TRANSACTION B61WEEN RELATED PERSONS, ETC.