(1) The net tax payable by a registered dealer for a tax period shall be the difference between the output tax plus 1 Substituted by Act No. 2 of 2013 vide notification No. LLR-D(6)-35/2012-LEG dated 05-01-2013 published in R.H.P. on 15-01-2013.
2 Omitted for the word ―twice‖ by Act No. 10 of 2016 vide notification No. L.L.R.-D(6)-6/2016-LEG. Dated 26-05- 2016 published in R.H.P. on 28-05-2016.
3 Substituted for the word ―fifty‖ by Act No. 10 of 2016 vide notification No. L.L.R.-D(6)-6/2016-LEG. Dated 26-05- 2016 published in R.H.P. on 28-05-2016.
THE HIMACHAL PRADESH VALUE ADDED TAX ACT, 2005 30 74 of 1956 74 of 1956 purchase tax, if any, and the input tax credit, which can be determined from the following formula, namely:-- Net tax payable = (O+P) –I
Explanation. —In this formula---
(i) ‗O‘ denotes the output tax payable for any tax period;
(ii) ‗P‘ denotes the purchase tax paid by a registered dealer for any tax period; and
(iii) ‗I‘ denotes the input tax paid or payable for the said tax period, including input tax credit, if any, carried forward from any preceding tax period as determined under section 11.
(2) If the amount of input tax credit is more than the amount of output tax, the same may be adjusted, at the option of the dealer, against the tax liability for the said tax period, if any, under the Central Sales Tax Act, 1956 and only the remaining amount of the Central Sales Tax shall be payable.
(3) Excess amount of input tax credit, if any, after adjustment under sub-section (2) shall be adjusted against any outstanding tax, penalty or interest under this Act or, at the option of the dealer, under the Central Sales Tax Act, 1956.
(4) Excess amount of input tax credit, if any, after adjustment under sub-sections (2) and (3) may be carried forward to subsequent tax period or at the option of the dealer, on application being made in the prescribed manner, be refunded in accordance with the provisions of this Act.
THE HIMACHAL PRADESH VALUE ADDED TAX ACT, 2005 31
(5) The net tax payable for a tax period by a dealer, liable to pay tax, but not registered under this Act, shall be equal to the output tax plus purchase tax, if any, payable for the said tax period as per the provisions of this Act and no input tax credit shall be admissible to him.
Burden of proof.
13. In respect of any sale or purchase effected by a dealer the burden of proving that he is not liable to pay tax under section 6 or section 8 or that he is eligible to input tax credit under section 11 shall be on him.
CHAPTER-IV REGISTRATION, RETURNS, ASSESSMENT, RECOVERY AND REFUND OF TAX.
Registration of dealers.