In computing taxable turnover Trade Discount needs to be deducted: SC

M/s Maya Appliances (P) Ltd Vs Addl. Commissioner of Commercial Taxes & Ors (Supreme Court of India) The liability to pay tax is on the taxable turnover. Taxable turnover is arrived at after making permissible deductions from the total turnover. Among them are “all amounts allowed as discounts.” Such a discount must, however, be in accord with the regular trade practice of the dealer or the contract or agreement entered into in a particular case. The expression “the tax invoice or bill of sale issued in respect of the sales relating to such discount shows the amount allowed as such d...