Section 11(1) in The Delhi Value Added Tax Act, 2004
(1)The net tax payable by a dealer for a tax period shall be determined by the formula:Net Tax = O - I - CwhereO = the amount of tax payable by the person at the rates stipulated in section 4 of this Act in respect of the taxable turnover arising in the tax period, adjusted to take into account any adjustments to the tax payable required by section 8 of this Act.I = the amount of the tax credit arising in the tax period to which the person is entitled under section 9 of this Act, adjusted to take into account any adjustments to the tax credit required by section 10 of this Act.C = the amount, if any, brought forward from the previous tax period under sub-section (2) of this section.
