(1)The tax leviable under section 7 for any year shall be charged on the taxable turnover during such year -(a)In respect of goods specified in Schedule II, at the first point of sale within the State, all the rate or rates specified in that Schedule;Explanation. - Where a person sells a substantial part of the goods manufactured by him or imported by him to another person for sale under the brand name of such other person or for resale as distribution or selling agent or for resale after repacking or subjecting the goods to any other process not amounting to manufacture and the price charged on resale exceeds the sale price by more than such percentage as may be prescribed in respect of such goods or class of goods, the resale by such other person shall subject to rules if any, framed in this behalf, the deemed to be at the first point of sale within the State.(b)In respect of goods specified in Schedule III, all the point of last sale within the State, at the rate or rates specified in that Schedule;(c)In respect of goods specified in Schedule IV, at such point or point of sale and at such rate or rates as specified in that Schedule;(d)In respect of goods specified in Schedule V, at such point or points of purchase and at such rate or rates specified in that Schedule;(e)In respect of any transfer of property in goods (whether as goods or any other form) involved in a works-contract of the nature specified in Schedule VI, at the rate or rates specified in that Schedule; and(f)In respect of any operating lease as specified in Schedule VII, at the rate or rates specified in that Schedule;(2)The State Government may, by notification in the Official Gazette, and to or omit from any Schedule any entry or entries or transpose any entry or entries from one Schedule to another or modify or vary and entry or entries or the rate or rates or the point or points of levy or the deductions specified in any Schedule and, thereupon, such Schedule or Schedules shall be deemed to have been amended accordingly.(3)For the purposes of this section "taxable turnover" means the gross turnover during the year as reduced by.(i)The turnover during such year of goods exempted under section 9;(ii)In respect of goods specified in Schedule II, the turnover during such year of goods which is shown, to the satisfaction of the Assessing Authority, to have been subjected to tax in the State;(iii)In respect of goods specified in Schedule III, the turnover during such year of sale to registered dealers of goods specified in the purchasing dealer's certificate of registration as being intended for resale within the State or of containers or other materials for the packing of such goods;(iv)In respect of goods involved in any works-contract specified in Schedule VI-(a)The turnover retaining to declared goods, and(b)So much of the labour and other charges incurred by the dealer after the transfer of the property in the goods involved in the works contract or at the option of the dealer such percentage towards labour and other charges of the gross turnover after deducting therefrom the turnover relating to declared goods as is specified in that Schedule;(v)Such other amount as may be prescribed and(vi)From the resultant balance an amount arrived at by applying the following formula -Rate of tax x Resultant balance as mentioned above
