TVAT Act 11Chapter 0 · Preliminary
Section 11 · Calculation of Tax payable
Text size — level 1 of 4
(1)
Subject to sub-section (2), the VAT payable on a sale liable to VAT shall be calculated by applying the rate of tax specified in the Schedules, on the sale price of goods.(2)
Where the sale price of goods is inclusive of VAT, the amount of VAT shall be determined in accordance with the formula prescribed.(3)
Where a dealer is liable to pay turnover tax under sub section (2) of section 4, the tax shall be calculated by applying the rate of Turn over Tax specified therein on the taxable turnover.Your private note on this section
Only you can see this note.