section 8
Net Tax of a Registered Dealer.
The Goa Value Added Tax Act, 2005Tax2005104 sections11 chapters
Chapter II Chapter II
Statutory text
- (1) Subject to provisions of section 9, the net tax payable by a registered dealer for a tax period shall be calculated according to the following formula:— A – B, Where,— A = total of the tax payable in respect of taxable turnover made by the registered dealer during the tax period; and B = total input tax credit allowed to the registered dealer for the tax period.
- (2) Where the amount determined by the formula in sub-section (1) is a negative amount, the registered dealer may carry forward the amount to the next tax period as per provisions of section 10.
- (3) Every registered dealer shall pay in full the net tax payable by him for the tax period at the time that dealer is required to file his return as may be prescribed.
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