MVAT Act 13Chapter II · Incidence and Levy of Tax
Section 13 · Net tax credit
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- The net tax credit to which a registered dealer is entitled shall be determined by the following formula, namely:-Net tax credit=A+B+CWhereA= 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
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