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Section 11 of Delhi Value Added Tax 2004 - Net tax

What is Net tax Section 11 of DVAT Act 2004


Section 11  : Net tax - Delhi Value Added Tax Act 2004

(1) The net tax payable by a dealer for a tax period shall be determined by the formula:

Net Tax = O - I - C

O = the amount of tax payable by the person at the rates stipulated in section 4 of this Act in respect of the taxable turnover arising in the tax period, adjusted to take into account any adjustments to the tax payable required by section 8 of this Act.

I = the amount of the tax credit arising in the tax period to which the person is entitled under section 9 of this Act, adjusted to take into account any adjustments to the tax credit required by section 10 of this Act.

C = the amount, if any, brought forward from the previous tax period under sub-section (2) of this section.

(2) Where the net tax of a dealer calculated under sub-section (1) of this section amounts to a negative value, the dealer shall

(a) adjust the said amount in the same tax period against the tax payable by him under the Central Sales Tax Act, 1956 (74 of 1956), if any; and

(b) be entitled to carry forward the amount remaining after application under the sub-section (2)(a) to next calender month or tax period, as they case may be, of the same year, or claim refund of the amount remaining after application under sub-section (2)(a) at the end of a tax period of the same year and the commissioner shall deal with the refund claim in the manner described in section 38 and 39 of this act: (Substituted by the Notification Dated 27 March 2015)

Explanation.- 1. Refund can be claimed at the end of the tax period only.

2. Excess tax credit should not be carried forward to the next year.

3. Refund of excess tax credit carried forward from previous year should be claimed in any of the remaining tax periods of year 2013-14 but not later than the last tax period ending on 31-03-2014.

4. Excess tax credit remaining at the end of a tax period can either be claimed as refund or carried forward to next tax period of the same year.

5. Excess payment made inadvertently shall also be treated as credit in a month or tax period as the case may be.

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