Debate Over Including Discounts in VAT and Sales Tax Assessable Value: Implications for Estimated Turnover Calculation.

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....Valuation - inclusion of discount in assessable value - Either the Assessing Officer could have added on the discount to the returned turnover or taxed the estimated turnover adding G.P. When the sales turnover is estimated after computing the G.P then necessarily the entire turnover is taxed - contrary is liable to set aside.....