https://www.taxtmi.com/caselaws?id=423040 The Kerala Value Added Tax Act's definition of "turnover" must be read contextually, and Explanation VII to Section 2(lii) cannot override the amended fifth proviso to Section 11(3). Where a supplier has already paid tax on the invoice value and does not seek refund or adjustment of input tax credit, credit notes or post-invoice discounts covered by that proviso are excluded from assessment. The article explains that VAT applies to value addition, so such receipts cannot be brought into taxable turnover merely by relying on the deeming provision in Explanation VII. en-us Wed, 06 Apr 2022 00:00:00 +0530 Wed, 07 Jun 2023 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423040 The Kerala Value Added Tax Act's definition of "turnover" must be read contextually, and Explanation VII to Section 2(lii) cannot override the amended fifth proviso to Section 11(3). Where a supplier has already paid tax on the invoice value and does not seek refund or adjustment of input tax credit, credit notes or post-invoice discounts covered by that proviso are excluded from assessment. The article explains that VAT applies to value addition, so such receipts cannot be brought into taxable turnover merely by relying on the deeming provision in Explanation VII. Case-Laws VAT and Sales Tax Wed, 06 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423040