https://www.taxtmi.com/caselaws?id=375459 A dealer opting for compounding under Section 7 of the Kerala General Sales Tax Act remains within the statutory return and assessment framework for the limited purpose of correctly determining compounded liability. The expression "tax paid" in Section 7(b) is broad enough to include assessed tax, so prior year assessment or reassessment can be taken into account when computing later compounded tax. The purchase-value calculation for liquor must reflect the correct value of liquor sold in the relevant year, using opening stock and purchases while excluding closing stock from the base. en-us Thu, 24 Jan 2019 00:00:00 +0530 Wed, 20 Feb 2019 06:23:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375459 A dealer opting for compounding under Section 7 of the Kerala General Sales Tax Act remains within the statutory return and assessment framework for the limited purpose of correctly determining compounded liability. The expression "tax paid" in Section 7(b) is broad enough to include assessed tax, so prior year assessment or reassessment can be taken into account when computing later compounded tax. The purchase-value calculation for liquor must reflect the correct value of liquor sold in the relevant year, using opening stock and purchases while excluding closing stock from the base. Case-Laws VAT and Sales Tax Thu, 24 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375459