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

11. Net tax .- (1) The net tax payable by a dealer for a tax period shall be determined by the formula: Net Tax = O - I - C where 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. 1 [(2) Where the net tax of a dealer calculated under sub-section (I) 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 2 [(b) be entitled to carry forward the amount remaining after application under sub-section (2)(a) to next calendar month or tax period, as the case may be, or to claim a refund of the amount remaining after application under sub-section (2)(a) at the end of a tax period and the Commissioner shall deal with the refund claim in the manner described in section 38 and section 39 of this Act . Explanation - 1. Refund can be claimed at the end of a tax period only. Explanation - 2. Excess payment made inadvertently shall also be treated as credit in a month or tax period as the case may be]] ----------------------------- Notes:- 1. Substituted vide NOTIFICATION No. F.14(5)/LA-2013/Cons2Law/65 dated September 09, 2013 , before it was read as, (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 claim a refund of any surplus amount and the Commissioner shall deal with the refund claim in the manner described in section 38 and section 39 of this Act. Explanation: The dealer may elect to adjust the refund as a tax credit in the next tax period. 2. Substituted vide F.14/( 2)/LA-2015/cons2law/40-54 - Dated 30-3-2015 , before it was read as, (b) be en ti t l e d t o ca r ry fo rw a rd the am o u n t r e m ai ning afte r applicat i o n u nder sub-section (2)(a) to next calendar month or tax period, as the case may be, of the same year, or claim a 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 section 39 of this Act . Explanations-1. Refund can be claimed at the end of a 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 years should be claimed in any of the remaining tax periods of year 2013-2014 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.