(ix) any other corporation, company, body or authority, owned or set up by, or subject to the administrative control of the Central Government or any State Government ;
(u) “place of business” means any place where a person purchases or sells goods and includes the place where such person stores, processes, produces or manufactures goods or keeps books of accounts or documents or any other place where business activity is conducted;
(v) “prescribed” means prescribed by rules made under this Act;
(w) “purchase” with all its grammatical or cognate expressions means the acquisition of goods for cash or deferred payment or other valuable consideration otherwise than under a mortgage, hypothecation, charge or pledge and includes, –
(i) transfer, otherwise than in pursuance of a contract, of property in any goods for cash, deferred payment or other valuable consideration;
(ii) transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract;
(iii) delivery of goods on hire-purchase or any system of payment by instalments;
(iv) transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration;
(v) supply by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (whether or not into dictating) where such supply or service is for cash, deferred payment or other valuable consideration,
and such transfer, delivery or supply of any goods shall be deemed to be a purchase of these goods from the person making the transfer, delivery or supply to a person to whom such transfer, delivery or supply is made ;
(x) “purchase price” means the amount of valuable consideration paid or payable by a person for any purchase made, including any sum charged on account of freight, storage, demurrage, insurance and any other sum charged for anything done by a person in respect of the goods at the time of or before delivery thereof;
Explanation –
(1) Purchase price shall not include the tax paid or payable under this Act by a person in respect of such purchase.
(2) In respect of the goods listed in Schedule H, any tax, duty, cess or fee paid or payable under the Punjab Agricultural Produce Markets Act, 1961 (Punjab Act No. 23 of 1961) or the Punjab Rural Development Act, 1987 (Punjab Act No. 6 of 1987) or the Punjab Infrastructure (Development and Regulation) Act, 2002 (Punjab Act No. 8 of 2002) by or on behalf of the seller or the purchaser, shall also form part of purchase price.
(3) The amount of bonus, granted as an incentive by the government of india from time-to-time in respect of wheat and paddy purchased for the central pool by the procurement agencies, shall not form part of the purchase price of these commodities.
(y) “quarter” means a period consisting of three months, commencing from the first day of April, July, October and January of a calendar year;
(z) “registered person” means a person, who is registered for the purpose of paying turn-over tax under this Act;
(za) “repealed Act” means the Punjab General Sales Tax Act, 1948;
(zb) “retail invoice” means an invoice issued to the purchaser by a taxable or registered person or a casual trader, listing therein the goods, sold, with price, quantity and value;
(zc) “return” means a true and correct account of business pertaining to the return period in the prescribed form;
(zd) “return period” means the period for which returns are to be furnished by a person;
(ze) “reverse input tax credit” means an amount of input tax credit, which is required to be reversed by a taxable person on account of-
(i) credit note for output tax received from seller of goods on purchases in respect of which input tax credit is claimed;
(ii) goods, returned subsequent to availing the input tax credit;
(iii) goods, subsequently not used in accordance with the conditions prescribed for availing input tax credit; and
(iv) having availed the credit required to reverse the same in accordance with the provisions of sub-sections (8) and (9) of section 13;
(zf) “sale” with all its grammatical or cognate expressions means any transfer of property in goods for cash, deferred payment or other valuable consideration and includes -
(i) transfer, otherwise than in pursuance of a contract, of property in any goods for cash, deferred payment or other valuable consideration;
(ii) transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract;
(iii) delivery of goods on hire-purchase or any system of payment by instalments;
(iv) transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration;
(v) supply of goods by any unincorporated association or body of persons to a member thereof for cash, deferred payment or other valuable consideration;
(vi) supply, by way of or as part of any service or in any other manner whatsoever, of goods, being food or any other article for human consumption or any drink (whether or not intoxicating) where such supply or service is for cash, deferred payment or other valuable consideration; and
(vii) every disposal of goods referred to in Explanation (4) to clause (t) of this section;
and such transfer, delivery or supply of any goods shall be deemed to be a sale of these goods by the person making the transfer, delivery or supply to a person to whom such transfer, delivery or supply is made, but does not include a mortgage, hypothecation, charge or pledge.
(zg) “sale price” means the amount of valuable consideration received or receivable by a person for any sale made including any sum charged on account of freight, storage, demurrage, insurance and any sum charged for anything done by the person in respect of the goods at the time of or before the delivery thereof;
Explanation –
(1) In relation to the transfer of property in goods (whether as goods or in some other form) involved in the execution of works contract, ‘sale price’ means 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 charges incurred and profit accrued other than in connection with transfer of property in goods for such execution. Where such labour and other charges are not quantifiable, the sale price shall be the cost of acquisition of the goods and the margin of profit on them plus the cost of transferring the property in the goods and all other expenses in relation thereto till the property in such goods, whether as such or in any other form, passes to the contractee and where the property passes in a different form, it shall include the cost of conversion.
(2) In relation to the delivery of goods on hire purchase or any system of payment by instalments, the amount of valuable consideration payable to a person for such delivery.
(3) In relation to the transfer of right to use any goods for any purpose (whether or not for a specified period), the valuable consideration received or receivable for such transfer.
(4) The amount of duties levied or leviable on goods under the Central Excise and Salt Act, 1944 (1 of 1944), or the Customs Act, 1962 (52 of 1962), or the Punjab Excise Act, 1914 (1 of 1914), shall be deemed to be part of the sale price of such goods, whether such duties are paid or payable by or on behalf of the seller or the purchaser or any other person.
(5) Sale price shall not include tax paid or payable to a person in respect of such sale.
(6) Omitted
(7) The amount of bonus, granted as an incentive by the government of india from time-to-time in respect of wheat and paddy purchased for the central pool by the procurement agencies, shall not form part of the sale price of these commodities.
(8) The amount received or receivable by oil companies for the sale of diesel and petrol, shall be deemed to be equivalent to the price,on which the retail outlets will sell these commodities to the consumer;
(9) The amount of bonus, granted as an incentive by the government of india from time-to-time in respect of paddy, purchased by the procurement agencies and rice mills, out of which, rice is shelled out, which is supplied to the central pool, shall not form part of the sale price of rice.
(zh) “Schedule” means the Schedule appended to this Act;
(zi) “section” means a section of this Act ;
(zj) “State” means the State of Punjab;
(zk) “State Government” means the Government of the State of Punjab;
(zl) “taxable goods” means the goods, other than the goods declared tax free under section 16 of this Act;
(zm) “tax period” means a period for which a person is required to pay tax under this Act or the rules made thereunder;
(zn) “taxable person” means a person, who is registered for the purpose of paying value added tax under this Act;
(zo) “taxable turnover” means that part of gross turnover of sales or purchases, as may be determined after making such deductions from the gross turnover of sales or purchases, as are admissible under this Act or as may be prescribed, on which a person shall be liable to pay tax;
(zp) “Tribunal” means the Tribunal constituted under section 4 of this Act;
(zq) “Turnover tax” (in short referred to as TOT) means a tax, leviable on the taxable turnover of a registered person as per the provisions of this Act;
(zr) “Value added Tax” ( in short referred to as VAT) means a tax leviable on the taxable turnover of a persons, other than a registered person, under this Act;
(zs) “VAT invoice” means an invoice issued by a taxable person to another taxable person listing therein the goods supplied, with the price, quantity, value and VAT charged;
(zt) “vessel” includes any ship, barge, boat, raft, timber, bamboos or floating materials propelled in any manner;
(zu) “works contract” includes any agreement for carrying out, for cash, deferred payment or other valuable consideration, building ,construction, manufacturing, processing, fabrication, erection, installation, fitting out, improvement, modification, repairs or commissioning of any movable or immovable property; and
(zv) ”year” means the financial year beginning from the first day of April, and ending with the 31st day of March.