Abstract
In ordinary parlance, it can easily be said that a Sales Tax is a tax levied on the occasion of a sale. There was a lot of confusion about the word "sale" However by the insertion of Clause 29A into Article 366 of the Constitution,' the position has been clarified and sale has been given a very wide meaning. Entry 54 of List II, Seventh Schedule to the Constitution gives the power to the State Legislature to tax on sale of goods. Entry 92B of List I of Seventh Schedule gives the power to the Parliament to tax the consignment of goods in the course of inter- state trade or commerce. Further the rate of tax imposable by the State on sales tax has been restricted by Article 286(3), by giving the power subject to the Parliamen- tary law. This paper tries to look into only the aspects regarding the assessment of turnover which has escaped assessment. Thus it gives an overall, broad overview about the substantive and procedural aspects of the law in the assess. ment of escaped turnover. In order to give a clearer picture of the scenario relating to the law, the difference between revisional powers and reassessment has been highlighted.
Recommended Citation
Seshadri, H Karthik
(1996)
"Escaped Turnover : Assessment Under Sales
• Tax Law,"
National Law School of India Review: Vol. 8:
Iss.
1, Article 12.
Available at:
https://repository.nls.ac.in/nlsir/vol8/iss1/12
