(1)For the purpose of calculating net tax payable by a registered dealer for a period, the input tax credit as determined under sub-section (1) of section 11 shall be allowed set off against the tax by the registered dealer in respect of all taxable sales other than sales, as may be prescribed, made during that period.(2)Subject to provisions of section 11, the net tax payable by a registered dealer for a period is to be calculated according to the following formula namely;Where 'A' is the aggregate of the tax payable by the registered dealer during the period and 'B' is the total input tax credit for the period.(3)If the said opening stock of goods.(a)has suffered tax under the Meghalaya Finance (Sales Tax) Act, and(b)is intended to be used for the purposes specified in sub-section (1) of Section 11.
