Section 12(1) in The Himachal Pradesh Value Added Tax Act, 2005
(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 credit, which can be determined from the following formula, namely:--Net tax payable = (O+P)-IExplanation. - In this formula-(i)'O' denotes the output tax payable for any tax period;(ii)'P' denotes the purchase tax paid by a registered dealer for any tax period; and(iii)'I' denotes the input tax paid or payable for the said tax period, including input tax credit, if any, carried forward from any preceding tax period as determined under section 11.
