In this Act, unless there is anything repugnant in the subject or context,-

(x) Taxable turnover in relation to a dealer for any period means that part of dealer's turnover which remains after deducting therefrom,-

(1) the sale price of goods declared tax free under Section 16;

(2) the sale price of goods which are in the nature of tax paid goods in the hands of such dealer;

(3) the amount collected by way of tax under Section 9 or the amount arrived at by applying the following formula.

Provided that no deductions on the basis of the above formula shall be made if the amount by way of tax collected by a registered dealer, in accordance with the provisions of this Act, has been otherwise deducted from the aggregate of sale prices.

Explanation - Where the turnover of a dealer is taxable at different rates, the aforesaid formula shall be applied separately in respect of such part of the turnover liable to a different rate of tax under Section 9;