Amendment status not verified — confirm the current text below against the official source.
In section 13 of the Principal Act: – section 13 (1) sub-section (1) shall be substituted by the following, namely, “The net tax payable by a registered dealer for a tax period shall be equal to the output tax payable for the said tax period, where the output tax is the tax at the first point of sale which can be determined from the following formula: Net Tax Payable = Rate of Tax x Balance of gross turnover after making deduction there from under section 8 _______________________________________ 100 + Rate of tax ” (2) sub-section (3) shall be omitted. Omission of section 14