Amendment status not verified — confirm the current text below against the official source.
Net tax payable: (1) The net tax payable by a registered dealer for a tax period shall be the difference between the output tax plus purchase tax, if any, and the input tax, which can be determined from the following formula: Net tax payable = (O+P)-I Where '0' denotes the output tax payable for any tax period as determined under Section 14, 'P' denotes the purchase under section 10 and 'I' denotes the input tax paid or payable for the said tax period as determined under Section 15. (2) The net tax payable by a dealer liable to pay tax but not registered under this act for a tax period as determined under Section 14. (3) If the amount calculated under sub-section (1) is a negative quantum: (a) The same shall be adjusted against the tax liability, if any, under the Central Sales Tax Act, 1956 at the option of the dealer for the said tax period and only the remaining amount of the Central Sales Tax shall be payable; or (b) Any amount of credit remaining after such adjustment shall be carried forward to the next tax period.