Vat Actupdated - RS Goyal & Associates

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(ii) in the case of unascertained or future goods, at the time of their
appropriation to the contract of sale or purchase by the seller or by the
purchaser, whether the assent of the other party is prior or subsequent
to such appropriation; and
(b) Where there is a single contract of sale or purchase of goods situated at more
places than one, the provisions of clause (a) shall apply as if there were
separate contracts in respect of the goods at each of such places;
2 (c) Notwithstanding anything to the contrary contained in this Act or any other
law for the time being in force, two independent sales or purchases shall, for
the purposes of this Act, be deemed to have taken place,
(i) when the goods are transferred from a principal to his selling agent
and from the selling agent to the purchaser, or
(ii) when the goods are transferred from the seller to a buying agent
and from the buying agent to his principal. 2
23. (d) Notwithstanding anything to the contrary contained in this Act or any other
law for the time being in force, two independent sale or purchase shall, for the
purposes of this Act, be deemed to have taken place, when the goods
specified in Schedule II are transferred from a unit of a dealer to another unit
of the same dealer for sale or for consumption or use in / for manufacture of
goods specified in Schedule II in such unit and the dealer holds separate
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registration certificate for each of such units. (with effect from
01.08.2009)
(v) "Sale price" means the amount or any other consideration payable to a dealer as
valuable consideration for the sale of any goods less any sum allowed as 3 discount
according to ordinary trade practice but inclusive of any sum charged for anything done
by the dealer in respect of the goods at the time of or before delivery thereof other than
the cost of freight or delivery or the cost of installation when such cost is separately
charged.
Explanation - (i) Where goods are sold on hire purchase or any system of payment by
installments, the sale price of such goods shall be exclusive of
insurance charges, interest and hire charges and such other charges
as may be prescribed.
(ii) Where goods are sold by way of transfer of right to use such goods,
the sale price thereof shall be the amount of valuable consideration
received or receivable by the transferor for such transfer ;
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(iii) Discount at the time of sale as evident from the invoice shall be
excluded from the sale price but any ex post facto grant of discounts
or incentives or rebates or rewards and the like shall not be excluded;
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(iv) The amount of valuable consideration paid or payable to a dealer for
sale of drugs and medicines specified in entry 10 of part III of
Schedule II shall be the maximum retail price printed on the package
containing the drugs and medicines, for the purposes of levy of tax
under section 9; 4
(w) " Tax "means the tax payable under this Act.
(x) 2 “Taxable turnover" in relation to a dealer for any period means that part of dealer's
turnover which remains, after deducting therefrom :-
(1 )The sale price of goods declared tax free under Section 16;