Amendment status not verified — confirm the current text below against the official source.
(1) In section 2 of the principal Act, the proviso to sub-section 9 of section 2 shall be deleted. (2) In section 2 of the principil Act, after sub section (9), the following sub-section shall be inserted, namely :- Vol XXIV Aizawl, Wednesday 22.11.1995 Agrahayana 1. S.E. 1917 Issue No. 516 Regd. No. NE 907 Short title ex- tent, and com- mencement Amendment of section 2 “(9A)” “sale price” (used in relation to any dealer) means the amount of money consideration for sales of taxable good less any sum allowed as cash discount accord- ing to ordinary trade practice but including any sum charged for containers or other materials used in packing of such goods; (3) In section 2 of the principal Act, after sub-section (10), the following sub- section shall be added namely :- “(10A)” ‘Turnover” (used in relation to any period) means the aggregate of the sale prices or parts of sale prices recoverable by a dealer during such period after deducting - (i) the amount, if any, refunded by him in respect of any taxable goods and their containers within a period of three months from the date of delivery of the goods. (ii) from the resultant balance an amount arrived at by applying the following for- mula:- rate of tax X aggregate of sale prices 100 + rate of tax Provided that no deduction on the basis of the above formula shall be made if the amount by way of tax collected by a registered dealer, in accordance with the provi- sions of this Act, has not been included in the aggregate of sale prices. Explanation :- Where the turnover of a dealer is taxable at different rates, the aforesaid formula shall be applied separately in respect of each part of the turnover liable to different rate of tax.