Section 11(1) in Daman and Diu Value Added Tax Regulation, 2005
(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).
