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3A. Turnover Tax.—
(1)
Subject to the provisions of this section and sub-section (7) of section
8 or any notification issued thereunder, there shall be charged, levied and paid
turnover tax at the rate of two per cent of the taxable turnover by any
manufacturer or producer and retailer who is making taxable supplies in the
course or furtherance of any taxable activity carried on by him, provided that
total turnover of that manufacturer or producer and that retailer does not
exceed two and a half million rupees and twenty million rupees, respectively, in
any period during the last twelve months:
Provided that the provisions of this section
shall not apply to:-
(i)
a manufacturer or producer who is making zero rated supplies;
Provided further that the Federal Government
may, by notification in the official Gazette, fix any amount of annual total
turnover for the application of turnover tax under this section.
Explanation.--
For
the purposes of this section, "taxable turnover" means the total value
of all taxable supplies of goods other than goods taxable at the rate of zero
per cent.
(2)
Any person who is liable to pay turnover tax under sub-section (1) shall
apply for enrollment. The application for enrollment as turnover tax-payer shall
be made to the Collector in such form and such manner as may be specified by the
Board.
(3)
Notwithstanding the provisions of sub-section (1), a manufacturer or
producer and a retailer whose taxable turnover does not exceed two and a half
million rupees or twenty million rupees, respectively, may, after voluntary
registration under section 18, opt for paying tax under section 3 instead of
paying turnover tax under this section.
(4)
Subject to such modifications as the Board may specify, all provisions of
this Act shall apply to the charge, levy, payment, collection and enforcement of
the turnover tax, as if it were sales tax under section 3.
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