B Com Exam > B Com Notes > Indirect Tax Laws > Determination of Turnover - Central Sales Tax Act (CST), Indirect Tax Laws
Determination of Turnover - Central Sales Tax Act (CST), Indirect Tax Laws | Indirect Tax Laws - B Com PDF Download
Turnover [Section 2(j) of CST ACT, 1956]: It means the aggregate of the sale prices received and receivable by any dealer liable to CST under this ACT in respect of any goods in the course of inter-State trade or commerce made during any prescribed period and determined in the prescribed manner.
Note:
- Prescribed period is the period in respect of which a dealer is liable to submit returns under the General Sales Tax law of the appropriate state
- However, if a dealer is not liable to submit returns under the GST (General Sales Tax) law of appropriate State (i.e. VAT Law now), such period shall be quarter ending 30th June, 30th September, 31st December and 31st March in a financial year, as the case may be
Question for Determination of Turnover - Central Sales Tax Act (CST), Indirect Tax LawsTry yourself: What does turnover mean under Section 2(j) of the CST Act, 1956?View Solution
In determining the turnover of a dealer for the purpose of this Act, the following additions and deductions shall be made from the aggregate of the sale prices.
| S.N. | Additions |
| 1 | Packing charges (if not included) |
| 2 | Excise duty (if not included) |
| 3 | Insurance charges (if borne by seller prior to sale) |
| 4 | Weighing charges (if not included) |
| 5 | Dharmada charges |
| 6 | Design charges charged separately in respect of goods manufactured |
| 7 | Freight/Delivery charges from factory to depot (even shown separately in invoice) |
| S.N. | Deductions |
| 1 | Trade/Cash discount (if not deducted) |
| 2 | Transport/Freight/Delivery charges (if shown separately) |
| 3 | Insurance charges (as per request of buyer after sale) |
| 4 | Installation Charges (if shown separately in invoice) |
| 5 | Trade Commission (if shown separately) |
| 6 | Deposit on returnable containers/bottles |
| 7 | Indemnity /Guarantee charges |
| 8 | Sale of goods exempted local sales tax |
| 9 | Intrastate sale |
| 10 | Government subsidies |
| 11 | Free cost of material supplied by customer |
| 12 | Sales returns (within 6 months from delivery) |
| 13 | Rejected Goods (Unfructified sale) |
Note: The Taxable Turnover and CST is arrived at by applying the following formula
| Taxable Turnover = | Aggregate sales including CST X | 100 |
| 100 + Rate of CST | ||
| CST = | Aggregate sales including CST X | Rate of CST |
| 100 + Rate of CST | ||
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FAQs on Determination of Turnover - Central Sales Tax Act (CST), Indirect Tax Laws - Indirect Tax Laws - B Com
| 1. What is turnover under the Central Sales Tax Act (CST)? |  |
Ans. Turnover under the Central Sales Tax Act refers to the total value of sales made by a dealer in goods during a specific period, excluding certain specified items. It includes the sale price, taxes, freight charges, and any other charges related to the sale of goods.
| 2. How is turnover determined under the Central Sales Tax Act? | |
Ans. Turnover is determined by adding up the total value of sales made by a dealer in goods during a specific period. This includes the value of goods sold, taxes collected, freight charges, and any other charges related to the sale. However, certain items like sales returns, discounts, and taxes paid on purchases are not included in turnover.
| 3. Are there any exclusions from turnover under the Central Sales Tax Act? | |
Ans. Yes, there are certain exclusions from turnover under the Central Sales Tax Act. Some of the items that are not included in turnover are sales returns, discounts given, taxes paid on purchases, and inter-state branch transfers. These exclusions are important to accurately calculate the turnover for the purpose of taxation.
| 4. How is turnover calculated for inter-state sales under the Central Sales Tax Act? | |
Ans. For inter-state sales, turnover is calculated by considering the value of goods sold, taxes collected, freight charges, and any other charges related to the sale. However, sales returns, discounts, and taxes paid on purchases are not included in turnover. The turnover for inter-state sales is used to determine the liability of the dealer under the Central Sales Tax Act.
| 5. Can turnover be different for different types of goods under the Central Sales Tax Act? | |
Ans. Yes, turnover can vary for different types of goods under the Central Sales Tax Act. Each type of goods sold by a dealer is considered separately, and the turnover for each type is calculated based on the value of sales, taxes collected, freight charges, and other related charges. This allows for accurate taxation based on the specific characteristics of different goods.
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