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8. Deductions from grass turnover

(1) In calculating the turnover liable to tax for a period, an importer may deduct from his gross turnover during that period –

  (a)    the value of goods specified in Schedule A;

  (b)   the value of sugar received from another local area;

  (c) the value of goods which have, without use or consumption; been delivered outside the local area;

  (d) the value of goods which have been subjected to tax once under this Act, either as such or in some other form;

  (e) the value of goods on which sales tax has been paid or has become payable to the State;

  (f) the value of plant, machinery, equipment and tools, brought or received on lease for use in manufacture or processing of goods;

  (g) “the value of goods brought or received in a local area for resale or for use or consumption therein in the manufacture or processing of goods, left in stock whether as such or in different form, lying with him in the local area, except when the certificate of registration issued under this Act is cancelled:

Provided that the value of goods deducted under this clause shall, except when the certificate of registration issued under this Act is cancelled, form part of the turnover for the period immediately succeeding:

Provided further that the value of plant, machinery, equipment and tools, for use in manufacture or processing of goods, if forming part of the turnover, may form part of the closing stock, if capitalised;

(h) the value of such other goods as may be prescribed.

Explanation.- For the purpose of this sub-section, deduction of value of only such goods shall be admissible which forms part of gross turnover of the importer and if value of certain goods has been deducted under one clause then it shall not be deducted under any other clause.

(2) The deductions claimed under sub-section (1) shall be subject to production of such proof in such form and in such manner as may be prescribed. The assessing authority may ask for any relevant evidence to satisfy itself about the genuineness and correctness of the proof furnished.