(])The net tax payable by a dealer for a tax period shall he the amount calculated

6; net lax. by the formula given below:- Where-

tax period, after making any adjustments to the tax as required by section 8;

I = the amount of the tax credit arising during the tax period to which the person is

entitled under section 9, after making any adjustments to the tax credit as required by section 10; -14- SERIES - I No. : 05 DATED 18" AUGUST, 2005. C = the amount, if any, brought forward #kom the previous tax period under sub- section (2). (2)

Where the net tax of a dealer calculated for a tax period under sub-section (I)

amounts to a negative value, the dealer shall-

1. (a) adjustthe said amount in the same tax period against the tax payable by him 74 of 1956. under the Central Sales Tax Act, 1956, if any; and
2. (b) carry forward the surplus amount, if any, after making adjustments under clause
3. (a) to the next tax period within the same fmancial year.

1. (3) Where the net tax of the dealer at the end of the financial year is a negative value, the dealer shall be entitled to claim arehd ofany ex- amount oftaxand the Commissioner shall deal with claim of

rehd in the manner specified in sections 38 and 39:

Provided that the dealer may opt to adjust the refund under this sub-section as a tax

credit in any succeeding tax period falling in the next financial year.