Wholesale trading - Definition / Legal Terminology - Income Tax

Explanation.- For the purposes of Notification no. 46/2023 dated 26th June, 2023 Wholesale trading means an international transaction or specified domestic transaction of trading in goods, which fulfils the following conditions, namely:- (i) purchase cost of finished goods is eighty per cent. or more of the total cost pertaining to such trading activities; and (ii) average monthly closing inventory of such goods is ten per cent. or less of sales pertaining to such trading activities.