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Section 12 of Delhi Value Added Tax 2004 - Time at which turnover, turnover of purchases and adjustments arise

 

What is Time at which turnover, turnover of purchases and adjustments arise? Section 12 of DVAT Act 2004

Section 12  : Time at which turnover, turnover of purchases and adjustments arise - Delhi Value Added Tax Act 2004

Rule - 4

(1) Subject to sub-sections (2), (3) and (4) of this section, the amount of the turnover and the turnover of purchases of a dealer which arises during any tax period shall be the amount recorded in the accounts of the dealer where those accounts are regularly and systematically prepared and maintained, give a true and fair view of his dealings, and are employed by the dealer in determining the turnover of the dealer's business for commercial or income tax purposes.

(2) The Commissioner may by notification ?

(a) permit certain classes of dealer to record turnover based on amounts paid or received; and

(b) require certain classes of dealer to record turnover based on amounts payable or receivable.

(3) Where a dealer wishes to change the method of determining the turnover and turnover of purchases, he may only make the change with the consent of the Commissioner and on such terms and conditions as the Commissioner may impose.

(4) The Government may prescribe the time at which a dealer shall treat the ?

(a) turnover;

(b) turnover of purchases; and

(c) adjustment of tax or adjustment to a tax credit; as arising for a class of transactions.

 

 

DELHI VALUE ADDED TAX 2004

Section 2  : Definitions

Section 3  : Imposition of tax

Section 4  : Rates of tax

Section 5  : Taxable turnover

Section 6  : Sale exempt from tax

 

 

Section 7  : Certain sales not liable to tax

Section 8  : Adjustments to tax

Section 9  : Tax credit

Section 10  : Adjustment to tax credit

Section 11  : Net tax

 

 

Section 11A  : Tax on goods supplied by contractee

Section 12  : Time at which turnover, turnover of purchases and adjustments arise

Section 13 : Priority

Section 14 : Treatment of stock brought forward during transition

Section 15 : Second-hand goods

 

 

Section 16 : Composition scheme for specified dealers

Section 16A : Special provisions relating to casual traders

Section 17 : Transactions between related parties

Section 18 : Mandatory and voluntary registration

Section 19 : Registration

Section 20 : Effect of registration

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