In this Act, unless the context otherwise requires---

2(38). "Taxable turnover" means the aggregate of sale prices of all taxable goods.

Explanation-I: For the purpose of a VAT dealer, it shall not include the amount of VAT paid or payable, but shall include the sale price of zero-rated sales.

Explanation-II: The sale price relating to second and subsequent sale of goods specified in Schedule VI shall not form part of taxable turnover.

Explanation-III: The sale price, relating to loose liquor, served to customer in a bar/restaurant which was derived from the goods enumerated in item 1 of the Schedule-VI, on which tax at special rates has been levied and paid in the State, shall not form part of the taxable turnover.