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.
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.
CAclubindia
