Amendment status not verified — confirm the current text below against the official source.
(1) For the purposes of this Regulation, taxable turnover means the turnover of a dealer during the tax period which remains after deducting therefrom- (a) thb turnover of sales not liable to tax under section 7; and (b) the turnover of sales of such goods which are exempt under section 6. (2) (a) In the case of turnover arising from the execution of a works contract, the taxable turnover means so much of turnover which represents the price and other charges in relation to goods in such works contract subject to such conditions as may be prescribed. (b) Wheretheamount ofpriceand other charges in relation tothe goods in such contract . is not ascertainable from the terms and conditions of the contract, the amount of such price and other charges shall be calculated as the sale price stipulated in the contract as reduced by the prescribed percentage, Explanation.-For the removal of doubts, it is hereby declared that where an amount is paid or received prior to the date of commencement of this Regulation in respect of a sale or purchase occurring after the date of commencement of this Regulation, and the person calculates hisrturnover or turnover of purchases based on amounts paid and received, the amount shall be treated as forming part of the person's turnover or turnover of purchases in the tax period in which the sale or purchase occurs.