Section 2(38) in Telangana Value Added Tax Act, 2005
(38)"Taxable turnover" means the aggregate of sale prices of all taxable goods;Explanation-I: - For the purpose of a VAT dealer, it shall not include the amount of VAT paid or payable but shall include the sale price of zero-rated sales;Explanation-II: - The sale price relating to second and subsequent sale of goods specified in Schedule VI shall not, form part of taxable turn over;[Explanation-III: - The Sale price, relating to loose liquor, served to customer in a bar/restaurant which was derived from the goods enumerated in item 1 of the Schedule-VI, on which tax at special rates has been levied and paid in the State, shall not form part of the taxable turnover;] [Added by Act No.21 of 2011.]
