what is meant by turnover tax
This query is : Resolved
A J Sankar
(Querist)
03 November 2008
Can any body tell the meaning and purpose of the turnover tax.
And such other information like turnover limit to levy tot and %centage of tax and exemptions/applicability of tot
just give me outline to get an idea
thankq
And such other information like turnover limit to levy tot and %centage of tax and exemptions/applicability of tot
just give me outline to get an idea
thankq
S.Srinivasaraghavan
(Expert)
03 November 2008
Turnover tax has been abolished with the introduction of VAT
A J Sankar
(Querist)
03 November 2008
from what date it has been abolished
becauase still now i have seen while vouching the purchase bills
becauase still now i have seen while vouching the purchase bills
S.Srinivasaraghavan
(Expert)
03 November 2008
Turnover tax was in force when State Sales tax was in force. It was based on slab of turnover reached. With the abolition of State sales tax only VAT is applicable. Moreover turnover tax is never charged in the bills. I am surprised that it is being charged on the bill. Then it must not be what I understand from what you say. Please clarify under what Act it is levied.
03 November 2008
Are you talking of state where VAT was not in force. Please state the place or state.
A J Sankar
(Querist)
05 November 2008
thankq sir
however the tot has not credited to supplier account(ie not taking into accounts as purchase cost but was found only in supporting documents thats all). Just i wanted to know the meaning and other information.
the state is andhra pradesh
however the tot has not credited to supplier account(ie not taking into accounts as purchase cost but was found only in supporting documents thats all). Just i wanted to know the meaning and other information.
the state is andhra pradesh
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