CHAPTER IV

REDUCTION OF SALE PRICE

10. Determination of turnover.—In determining the turnover of a dealer for the purpose of the Act, the following deduction shall be made from the aggregate of the sale price, namely:-

The amount arrived at by applying the following formula:-

Rate of tax multiplied by aggregate of sale price

100+rate of tax

Provided that, no deduction on the basis of the formula shall be made if the amount by way of tax collected by a registered dealer in accordance with the provisions of the Act, has been otherwise deducted from the aggregate of the sale price.