Retention calculation on branch transfer

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 As per Rule 53, 4% retention on stock transfer in ratio of branch transfer on taxable turnover.

kindly provide definiton of taxable turnover..

Does it include exports???

Vishnu Saboo

Vishnu Saboo (Expert)
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26 February 2014 Normally, Taxable turnover for VAT applicability is on which VAT is applicable.
i.e. this exclude all sales which are not subject to taxed under this act., turnover of exempted goods under this act, labor charges in case of work contracts.
you must refer definition of taxable turnover under ur state vat act.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 will taxable turnover include exports???

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Vishnu Saboo

Vishnu Saboo (Expert)
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27 February 2014 No, Since export is not taxable under VAT.
this is under normally excluded, you must refer ur state VAT act if there is any contravene.