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

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

(i) the sale price of goods declared tax free under Section 15 or under Section 15-B;

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

(iii) the amount collected by way of tax under Section 8 or the amount arrived at by applying the following formula :

Rate of tax X Aggregate of sale prices

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100 + rate of tax

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

Explanation : Where the turnover of a dealer is taxable at different rate, the formula shall be applied separately in respect of such part of the turnover liable to a different rate of tax;