https://www.taxtmi.com/caselaws?id=186831 Amounts received as reimbursement of the balance price on resale of goods purchased at a lower price are deemed turnover under the Kerala Value Added Tax Act. The statutory definition of turnover and Explanation VII bring such receipts within the tax base where the buyer later receives an additional amount from the seller after resale below purchase price. The trade discount exclusion applies only when the discount is separately shown in the tax invoice and the purchaser pays only the reduced price. A circular dealing with input tax did not alter this statutory position. On that basis, the receipt was includible in turnover and the assessment was upheld in favour of the Revenue. en-us Mon, 13 Jul 2015 00:00:00 +0530 Sat, 01 Oct 2016 16:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186831 Amounts received as reimbursement of the balance price on resale of goods purchased at a lower price are deemed turnover under the Kerala Value Added Tax Act. The statutory definition of turnover and Explanation VII bring such receipts within the tax base where the buyer later receives an additional amount from the seller after resale below purchase price. The trade discount exclusion applies only when the discount is separately shown in the tax invoice and the purchaser pays only the reduced price. A circular dealing with input tax did not alter this statutory position. On that basis, the receipt was includible in turnover and the assessment was upheld in favour of the Revenue. Case-Laws VAT and Sales Tax Mon, 13 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186831