What is Turnover of Sales?

Turnover of Sales [Section 2(33)]
“Turnover of sales” means the aggregate of the amounts of sale price received and
receivable by a dealer in respect of any sale of goods made during a given period
after deducting the amount of-
(a) sale price, if any, refunded by the seller, to a purchaser, in respect of any goods
purchased and returned by the purchaser within 6 months from the date of sale and
(b) deposits, if any, refunded within 6 months by the seller to a purchaser in respect
of any goods sold by the dealer.
 Explanation I – In respect of goods delivered on hire-purchases or any system
of payment by installment or in respect of the transfer of the right to use any
goods for any purpose (whether or not for a specified period) the amounts of sale
price received or receivable during a given period shall mean the amounts
received or as the case may be, due and payable during the said period.
 Explanation III – Where the registration certificate is cancelled, the amount of
sale price in respect of sales made before the date of the cancellation order, but
received or receivable after such date, shall be included in the turnover of sales
during a given period.