https://www.taxtmi.com/forum/issue?id=108522 Section 12 imposes a contingent liability on registered dealers to pay tax on that part of their turnover of purchases consisting of (a) purchases not for the purposes set out in section 22(4)(a)-(i), and (b) purchases in the Negative List where no input tax credit or rebate is allowed. Subsection (2) makes dealers enjoying composition liable for tax on turnover of purchases where their prior year turnover of sales or contractual transfer price exceeds the statutory threshold. en-us Fri, 01 May 2015 10:18:47 +0530 Thu, 23 Jan 2025 15:56:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=108522 Section 12 imposes a contingent liability on registered dealers to pay tax on that part of their turnover of purchases consisting of (a) purchases not for the purposes set out in section 22(4)(a)-(i), and (b) purchases in the Negative List where no input tax credit or rebate is allowed. Subsection (2) makes dealers enjoying composition liable for tax on turnover of purchases where their prior year turnover of sales or contractual transfer price exceeds the statutory threshold. Discussion-Forum VAT / Sales Tax Fri, 01 May 2015 10:18:47 +0530 https://www.taxtmi.com/forum/issue?id=108522