The Mizoram (Sales of Petroleum and Petroleum Prod- ucts, including Motor Spirit & Lubricants) Taxation (Amendment) Act, 1995

Tax19953 sections

The Mizoram (Sales of Petroleum and Petroleum Products, including Motor Spirit & Lubricants) Taxation (Amendment) Act, 1995, is a legislative update to the existing 1973 taxation framework in Mizoram. Its primary purpose is to refine how tax liabilities are calculated for dealers of petroleum products. It introduces precise legal definitions for "sale price" and "turnover," including a specific mathematical formula for calculating turnover to ensure tax is not double-counted. For the ordinary citizen or business owner, this Act clarifies the accounting standards required when selling petroleum, ensuring that tax calculations are consistent, transparent, and legally compliant with the state's revenue requirements.

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0. Preamble
3. Deletion of sub-section (3) of section 3
4. Amendment of section 10

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