Tax from the effective date of such registration.

Calculation of tax payable

1. (1) Subject to sub-section (2), the VAT payable on a sale liable to VAT shall be calculated by applying the rate of tax specified in the Schedules, on the sale price of goods.
2. (2) Where the sale price of goods is inclusive of VAT, the amount of VAT shall be determined in accordance with the formula prescribed.
3. (3) Where a dealer is liable to pay turnover tax under sub-section
4. (2) of Section 4, the tax shall be calculated by applying the rate of Turnover Tax specified therein on the taxable turnover.