GST India Solution

Ask a Query

Client Login

Welcome GST India Solution

R.8 Determination of taxable turnover of sale U.P. VAT RULES

R.8 Determination of taxable turnover of sale

For the purpose of determining taxable turnover of sale, amounts specified below shall be deducted from the turnover of sale, determined in accordance with Rule 7, if they are included in such turnover of sale:

(i) all amounts allowed as discount provided that such discount is allowed in accordance with the regular commercial practices of the dealer

(ii) Subject to provisions of the Act, all amounts allowed to purchasers in respect of goods returned by them to the dealer within six months from the date of sale of such goods:

Provided that –

(a)the selling dealer issues credit note to the purchasing dealer and a obtains a debit note from purchasing dealer;

(b)the accounts show the dates on which the goods were sold and returned and also the date on which amount for which refund was made or credit was allowed;

(iii) all amounts realized from the sale by the dealer of his business as a whole;

(iv) in respect of non-vat goods, all amounts for which the dealer sells such goods after their purchase from inside the State;

(v) all amounts representing turnover of sale of goods exempt under the Act;

(vi) all amounts representing turnover of sales of goods where such sales are exempt from levy of tax in view of provisions of clause (c) of section 7;

(vii) all amounts representing the sale value of goods in respect of which the dealer has opted the scheme of payment of lump sum in lieu of actual amount of tax on turnover of sale of goods under section 6;

(viii) amount of tax payable on sale of goods by the dealer where such amount has been realized from the purchaser separately on a tax-invoice issued by the dealer;

(ix) except a dealer to whom section 6 applies, in case of any other dealer, where tax is payable in respect of a sale and the dealer has not realized amount of tax from the purchaser separately, amount of tax computed using the formula:

Amount of tax = (Turnover x Rate of tax) ÷ (100+rate of tax)

Provided that turnover in cases of transfer of property in goods involved in the execution of a works contract and taxable turnover of sale of such goods; and turnover of sale and taxable turnover of sale in cases of transfer of right to use any goods, shall be determined in the manner provided in Rule 9 and Rule 10 of these Rules respectively.

GST RATES FINDER GST ACTS BOOK (DECODING GST) GST RULES GST PROVISIONAL REGISTRATION MODEL GST LAW LEVY OF TAX

Latest Articles

<--

WHAT IS GST?

GST i.e.Goods and Service Tax is a unified tax that replaces several indirect taxesleviedby the Central Government and the State Government(s)....

-->

BASIS OF CHARGE OF GST- SUPPLY

In pre-GST regime, goodswere liable to: (i) Excise Duty- on manufacture of goods; (ii) VAT/CST- on sale of goods; (iii) Entry tax- on ...

WHO IS LIABLE TO PAY TAX

GST is levied on every taxable person. Taxable person means a person who carries on any business at any place in India. Such . ..

WHAT IS TAXED UNDER GST

GST is a unified tax which is levied on: (i) goods; (ii) services and (iii) a mix of goods and/or services. Any supply of goods or services . .. ...

Who We Are

GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .