Net tax credit

The net tax credit to which a registered dealer is entitled shall be determined by the following formula, namely:- Net tax credit=A+B+C Where A = the amount of input tax credit the dealer is entitled to under sub-section (1) of section 11. B = outstanding credit brought forward as determined under clause (1) of section 11 from the previous period or under sub-section (2) of section 19. C= reverse tax credit as determined under section 12.