Section 20 in The Police Enhanced Penalties Ordinance, 2005
20. Tax payable.
(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, which can be determined by the following formula :Net Tax payable = (O+P) - IWhere 'O' denotes the Output tax payable for any tax period as determined under section 18, 'P' denotes the purchase tax paid by a registered dealer for any tax period as determined under section 14 and 'I' denotes the Input tax paid or payable for the said tax period as determined under section 19.(2)The net tax payable by a dealer liable to pay tax but not registered under the Act for a tax period shall be equal to the output tax payable for the said period as determined under section 18.(3)If the amount calculated under sub section (1) is a negative quantum, then the same shall be set off as per section 22.
