Tax payable

(1) The net tax payable by a registered dealer for a quarter shall be the difference between the output tax, if any, and the input tax, which can be determined from the following formula: Net tax payable = O + P - I, Where 'O' denotes the output tax payable for any tax period as determined under section 14, 'P' denotes the purchase tax paid by a registered dealer for any tax period as determined under section 10 and 'I' denotes the input tax paid or payable for the said quarter as determined under section 15 (2) The net tax payable by a dealer liable to pay tax but not registered under this Act for a quarter shall be equal to the output tax payable for the said quarter as determined under section 14 (3) If an amount calculated under sub-section (1) is a negative quantum in a quarter (a) the same shall be adjusted against the tax liability, if any, under the Central Act, at the option of the dealer for the said quarter and only the remaining amount of Central Sales Tax shall be payable; or (b) any amount of credit remaining after such adjustment shall be carried forward to the next quarter. Explanation: In this section the expression "quarter" means a Period of three months ending on 30th June, 30th September, 31st December or 31st March in a Year.