Studyhatch Forum -VAT & CST

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How the turnover is determined under CST Act,1956?
Solution

In determining the turnover of a dealer of this Act, the following deductions shall be made from the aggregate of the sale prices, namely; (a) the amount arrived at by applying the following formula:-- Rate of tax X Aggregate of sale prices/ 100 + Rate of tax Provided that no deduction on the basis of the above formula shall be made if the amount by way of tax collected by a registered dealer, in accordance with the provisions of this Act, has been other wise deducted from the aggregate of sales prices.

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