(1)The net tax payable by a registered dealer for a tax period shall be the different between the output tax (plus purchase tax, if any), and the input tax, which can be determined from the following formula.Net tax payable = (O+P) - 1Where 'O' denotes the output tax payable for any tax period, 'P' denotes the tax payable on purchases by a registered dealer for that tax period under section 12 and 'I' denotes the input tax paid or payable for the said tax period.
