Section 11(13) in The Himachal Pradesh Value Added Tax Act, 2005
(13)The amount of net input tax credit, which may be availed of by a purchasing dealer, shall be determined on the basis of the following formula, namely: -Net Input Tax Credit = A+B-CExplanation - In this formula-(i)"A" represents the amount of input tax credit [which the purchasing dealer may be allowed under this section in respect of taxable sales made by him during the tax period] [The words 'for which the purchasing dealer is entitled to', substituted by Act No. 12 of 2007 published vide Notification No. LLR-D (6)4/2007-Leg. dated 16-5-2007 in R.H.P. Extra dated 16-5-2007.];(ii)"B" represents outstanding input tax credit brought forward from the previous tax period; and(iii)"C" represents reverse input tax credit as determined under sub-section (10).
