Amendment status not verified — confirm the current text below against the official source.
Inserted by Act No.28 of 2008. [Act No.5 of 2005] 9 (a) any warehouses, godown or other place where goods are stored or processed or produced or manufactured; or (b) any place where a dealer keeps his books of accounts; or (c) any place where business is carried on through an agent by whatever name called, the place of business of such agent; (24) „Prescribed‟ means prescribed by the Rules made under the Act; (25) „Purchase Price‟ means the amount of valuable consideration paid or payable by a person for any purchase made including any sum charged for anything done by the seller in respect of the goods at the time of or before delivery thereof; Explanation I:- Where the purchase is effected by way of transfer of property in goods (whether as goods or in some other form) involved in the execution of works contract, purchase price shall mean the total consideration for the works contract, and for the purpose of levy of tax purchase price shall be taken to mean the price as may be determined in accordance with the rules, by making such deductions from the total consideration for the works contract as may be prescribed; Explanation II: - The amount of duties levied or leviable on the goods under the Central Excise Act, 1944, or the Customs Act, 1962 shall be deemed to be part of the purchase price of such goods, whether such duties are paid or payable by or on behalf of the seller or the purchaser or any other person; Central Act 1 of 1944. Central Act 52 of 1962. 10 [Act No.5 of 2005] Explanation III: - Purchase price shall not include tax paid or payable by a person in respect of such purchase; (26) „Return‟ means any return required to be furnished under the Act or the Rules made thereunder; (27) „Rules‟ means rules made under the Act; (28) „Sale‟ with all its grammatical variations and cognate expressions means every transfer of the property in goods [whether as such goods or in any other form in pursuance of a contract or otherwise] by one person to another in the course of trade or business, for cash, or tor deferred payment, or for any other valuable consideration or in the supply or distribution of goods by a society (including a co-operative society), club, firm or association to its members, but does not include a mortgage, hypothecation or pledge of, or a charge on goods; Explanation I:- A delivery of goods on the hire purchase or any system of payment by instalments shall, notwithstanding the fact that the seller retains the title in the goods, as security for payment of the price, be deemed to be a sale; Explanation II:- (a) Notwithstanding anything contained in the Indian Sale of Goods Act, 1930 a sale or purchase of goods shall be deemed, for the purpose of the Act to have taken place in the State, wherever the contract of sale or purchase might have been made, if the goods are within the State,- (i) in the case of specific or ascertained goods, at the time the contract of sale or purchase is made; and (ii) in the case of unascertained or future goods, at the time of their appropriation to the contract of sale or Central Act III of 1930. [Act No.5 of 2005] 11 purchase by the seller or by the purchaser, whether the assent of the other party is prior or subsequent to such appropriation; (b) Where there is a single contract of sale or purchase of goods situated at more places than one, the provisions of clause (a) shall apply as if there were separate contracts in respect of the goods at each of such places; Explanation III:- Notwithstanding anything contained in the Act or in the Indian Sale of Goods Act, 1930 two independent sales or purchases shall for the purposes of the Act, be deemed to have taken place,- (1) When the goods are transferred from a principal to his selling agent and from the selling agent to his purchaser, or (2) When the goods are transferred from the seller to a buying agent and from the buying agent to his principal, if the agent is found in either of the cases aforesaid,- (i) to have sold the goods at one rate and to have passed on the sale proceeds to his principal at another rate; or (ii) to have purchased the goods at one rate and to have passed them on to his principal at another rate; or (iii) not to have accounted to his principal for the entire collections or deductions made by him, in the sales or purchases effected by him on behalf of his principal; or (iv) to have acted for a fictitious or non-existent principal; Central Act III of 1930. 12 [Act No.5 of 2005] Explanation-IV:- A transfer of right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration shall be deemed to be a sale; Explanation-V:- Notwithstanding anything contained in the Act or in the Indian Sale of Goods Act, 1930 the sale of goods includes the supply, by way of or as part of any service or in any manner whatsoever, of goods, being food or other article for human consumption or any drink (whether or not intoxicating) where such supply or service, is for cash, deferred payment or other valuable consideration and such supply of any goods shall be deemed to be a sale of those goods by the person making the supply of those goods to the person to whom such supply is made; Explanation-VI:- Whenever any goods are supplied or used in the executing of a works contract, there shall be deemed to be a transfer of property in such goods, whether or not the value of the goods so supplied or used in the course of execution of such works contract is shown separately and whether or not the value of such goods or material can be separated from the contract for the service and the work done; Explanation-VII:- Notwithstanding anything contained in the Indian Sale of Goods Act, 1930, a sale or purchase of goods shall, for the purposes of the Act be deemed to have taken place where in the course of any scheme whether called as “Lucky Gift Scheme” or by any other name, any goods are transferred by the person who runs such scheme to any other person who is a subscriber to that scheme, provided that all the subscribers to the scheme have agreed to contribute a specific sum periodically or otherwise, towards the cost of any article agreed to be sold or given to the winner of the draw held by the holder of the scheme; Central Act III of 1930. Central Act III of 1930. [Act No.5 of 2005] 13 and the turnover for the purpose of this Explanation shall be the amount which would have been payable by the subscriber had he not won the prize till the end of the series of draw; Explanation-VIII:- Every transfer of property in goods by the Central Government or the State Government for cash or for deferred payment or for any other valuable consideration, whether or not in the course of business shall be deemed to be a sale for the purpose of the Act; (29) „Sale Price‟ means,- (a) the total amount set out in the tax invoice or bill of sale; or (b) the total amount of consideration for the sale or purchase of goods as may be determined by the assessing authority, if the tax invoice or bill of sale does not set out correctly the amount for which the goods are sold; or (c) if there is no tax invoice or bill of sale, the total amount charged as the consideration for the sale or purchase of goods by a VAT dealer or TOT dealer either directly or through another, on his own account or on account of others, whether such consideration be cash, deferred payment or any other thing of value and shall include,- (i) the value of any goods as determined by the assessing authority,- (a) to have been used or supplied by the dealer in the course of execution of the works contract; or (b) to have been delivered by the dealer on hire purchase or any other system of payment by instalments; or 14 [Act No.5 of 2005] (c) to have been supplied or distributed by a society including a Co-operative Society, Club, firm or association to its members, where the cost of such goods is not separately shown or indicated by the dealer and where the cost of such goods is separately shown or indicated by the dealer, the cost of such goods as shown or indicated; (ii) any other sum charged by the dealer for anything done in respect of goods sold at the time of, or before, the delivery of the goods; (iii) any other sum charged by the dealer, whatever be the description, name or object thereof; Explanation-I:- Subject to such conditions and restrictions, if any, as may be prescribed in this behalf, any cash or other discount on the price allowed in respect of any sale and any amount refunded in respect of articles returned by customers shall not be included in the sale price; Explanation-II:- For the purpose of determination of sale price and levy of Value Added Tax, the Value Added Tax charged or chargeable shall not form part of sale price; 9[Explanation-III:- For the purpose of determination of sale price of Foreign Liquor imported by the Telangana Beverages Corporation Limited and levy of Value Added Tax, the „Customs Duty‟ charged or chargeable under the Customs Act, 1962 shall not form part of the sale price.] (30) „Schedule‟ means a Schedule appended to the Act;