21 Calculation of Turnover Tax payable (TOT)

21. Calculation of Turnover Tax payable (TOT)

(a) The TOT payable by a TOT dealer shall be calculated by applying the rate of TOT to the taxable turnover.

(b) In cases where the taxable turnover of a dealer exceeds five lakh rupees in the preceding twelve months and he registers for TOT within the prescribed time, the liability for TOT shall be from the effective date of registration.