In this Act unless the context otherwise requires:

(xxvii) "Sale price" means the amount of valuable consideration received or receivable by a dealer for the sale of any goods less any sum allowed as cash discount, according to the practice normally prevailing in the trade, but inclusive of any sum charged for anything done by the dealer in respect of the goods or services at the time of or before delivery thereof, excise duty, special excise duty or any other or taxes except the tax imposed under this Act.

Explanation:

(a) In respect of the sale falling under sub-clause (b) of sub-section xxvi, the full value of the consideration received or receivable under the contract for the transfer of property in goods whether as goods or in any other form including -

i) In a case where any part of the work is carried out or executed by a sub-contractor, the amount received or receivable by such sub-contractor; and

ii) In a case where any goods have been supplied to the contractor by the contractee or any other person for use in the works contract for a consideration, the market value of the goods on the day they were so supplied.

(b) Where there are several contracts relating to the same works or which is incidental or ancillary to each other, all such contracts shall be deemed to constitute a single contract.

(c) The transfer of property in goods involved in a works contract (whether as goods or in any other form) shall be deemed to have taken place at the time and to the extent the whole or any part of the sale price under the contract is received or receivable by the contractor.