Rate of Tax 14

7

Explanation 11 :- For the purpose of this clause „sale price‟ includes, - a) in relation to the transfer of property in goods (whether as goods or in some other form) involved in the execution of works contract, such amount as is arrived at by deducting from the amount of valuable consideration paid or payable to a person for the execution of such works contract, the amount representing labour and other charge incurred and profit occurred not in connection with transfer of property in goods for such execution; b) in respect to transfer of the right to use any goods for any purpose (whether or not for a specified period), the valuable consideration received or receivable for such transfer. Explanation 2 :- For the purpose of this clause purchase price includes,- (a) anything done by the seller with or in respect of the goods at the time of or before delivery thereof and (b) containers or other materials for the packing such goods; 2 (27) “Schedule” means schedule appended to this Act; (28) “Tax” means the tax payable under this Act, (29) “Tax Invoice” means a document listing goods sold with price, quantity and other details as specified in this Act and includes a statement of account, bill, cash register, slip, receipt or similar record, regardless of its form; (30) “Tax Period” means a calendar month or a quarter, as the case may be, as prescribed; (31) “Taxable Sale” means sale which is taxable under the provisions of this Act, "and ''Taxable purchase" means purchase of goods as mentioned in schedule VIII which is taxable under the provisions of this Act ;" 3 1 Renumbered vide the TVAT (Amendment) Ordinance, 2007 (w.e.f 17-7- 2007) and subsequent legislation vide the TVAT (Amendment) Act, 2007(dt. 9-10-2007)