Section 11(1) in The Andaman and Nicobar Islands Value Added Tax Regulation, 2017
(1)The net tax payable by a dealer for a tax period shall be determined by the formula: Net tax = O- I- CWhere-O = the amount of tax payable by the person at the rates stipulated in section 4 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.I = the amount of the tax credit arising in the tax period to which the person is entitled under section 9, adjusted to take into account any adjustments to the tax credit required by section 10.C = the amount, if any, brought forward from the previous tax period under sub-section (2).
