Section 11 in Daman and Diu Value Added Tax Regulation, 2005
11. Calculation of net tax.
(1)The net tax payable by a dealer for a tax period shall be the amount calculated by the formula given below:-Net Tax = O - I - CWhere -O = the amount of tax payable by the person at the rates specified in section 4 in respect of the taxable turnover arising during tax period, after making any adjustments to the tax as required by section 8;I = the amount of the tax credit arising during the tax period to which the person is entitled under section 9, after making any adjustments to the tax credit as 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 for a tax period under sub-section (1) amounts to a negative value, the dealer shall-(a)adjust the said amount in the same tax period against the tax payable by him under the Central Sales Tax Act, 1956 (74 of 1956), if any; and(b)carry forward the surplus amount, if any, after making adjustments under clause (a) to the next tax period within the same financial year.(3)Where the net tax of the dealer at the end of the financial year is a negative value, the dealer shall be entitled to claim a refund of any excess amount of tax and the Commissioner shall deal with claim of refund in the manner specified in sections 38 and 39:Provided that the dealer may opt to adjust the refund under this sub-section as a tax credit in any succeeding tax period falling in the next financial year.
