what is meant by turnover tax

This query is : Resolved

A J Sankar (Querist)
Follow

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

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

03 November 2008 Turnover tax has been abolished with the introduction of VAT

A J Sankar

A J Sankar (Querist)
Follow

03 November 2008 from what date it has been abolished

becauase still now i have seen while vouching the purchase bills

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

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.

Taxguy

Taxguy (Expert)
Follow

03 November 2008 Are you talking of state where VAT was not in force. Please state the place or state.

A J Sankar

A J Sankar (Querist)
Follow

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

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now