Amendment status not verified — confirm the current text below against the official source.
Net tax (1) The net tax payable by a dealer for a tax period shall be determined by the formula: Net Tax = 0 — I — C Where: 0= the amount of tax payable by the person at the rates stipulated in section 5 in respect of the taxable turnover arising in the tax period, adjusted to take into account any adjustments to the tax payable required by section 8. I = the amount of the tax credit arising in the tax period to which the person is entitled under section 9, adjusted to take into account any adjustments to the tax credit required by section 10. C= the amount, if any, brought forward from the previous tax period under sub-section (2). (2) Where the net tax of a dealer calculated under sub-section (1) is a negative value, the dealer shall be entitled to claim a refund of the amount and the Commissioner shall deal with the refund claim in the manner described in section 40. Explanation: The Commissioner shall be entitled to apply the refund against other amounts owed under this Act and the Central Sales Tax Act, to withhold the refund in certain cases and to seek security for a cash refund. The dealer may elect to apply the refund as a tax credit in the next tax period.