Amendment status not verified — confirm the current text below against the official source.
Tax payable - (1) The net tax payable by a registered dealer Ior a qualter shall be the difftrence betwcen the output tax, if any, and the irpLrt tax, which can be determined fiom the fbllowing tbrmula:- Ner rax pxyable = lO+P-l , Where 'O' denotes the output tax payable for iny tax petlod rs detelmined undcr section 14, 'P'denoles the purchase tax paid by aregistered dealer for any ta,l peiod ls determinecl under section 10 and 'l' denotes the input tax paid or payable for the said quafler as detcrnined under section 15. (2) The net tax payable by a dealer liable to pay tax but not registercd under this Act for a.luarter shall be equai to the output tax payable for the said quarler as detemined under seclion l4- (3) lf an amount calculated under sub-section ( L) is a negative quantum in a quanct- (a) the same shall be adjusted against the tax liability, ifany, under the CentralAct, at the option of the dealer for the said quater and only the remaining amount of Ccnlral Sales T&x shall bepayable;or (b) any amounl of credit rcmaining alier such adj uslment shztll be carried folward to lhe next quarter Explanation: In tlus section the expression "quafier" means a Period ofthree months ending on 30'r'June, 30'h September 3l" December or 31'' March in a Year. l8 E EF F g :