In this Act, unless there is anything repugnant in the subject or context,-
(w). "Taxable turnover" in relation to a dealer for any period means that part of dealer's turnover which remains after deducting therefrom,-
(1) the sale price of goods declared tax free under Section 15;
(2) in respect of goods on which tax is payable under clause (i) of Section 8,-
(i) the sale price of goods in relation to which deduction is provided under the Act;
(ii) the amount arrived at by applying the following formula.
(3) in respect of goods on which tax is payable under clause (ii) of Section 8,-
(i) the sale price of such goods which are in the nature of tax paid goods in the hands of such dealer;
(ii) the sale price of goods in relation to which deduction is provided under the Act;
(iii) Omitted
Provided that -
(a) no deduction on the basis of the above formula under paragraph (ii) of sub-clause (2) shall be made if the amount of tax under clause (i) of Section 8 collected by a registered dealer in accordance with the provisions of the Act, has been otherwise deducted from the aggregate of sale prices;
(b) where the turnover of a dealer is taxable under clause (i) of Section 8 at different rates, the formula under paragraph (ii) of sub-clause (2) shall be applied separately in respect of such part of the turnover liable to a different rate of tax.
Explanation - For the purpose of levy of tax under clause (i) and tax under clause (ii) of Section 8 the taxable turnover shall be determined separately.