UTTARANCHAL VAT DRAFTS

1. The net tax payable by a taxable person for a tax period shall be determined by the formula:
   Net tax payable = (O+P)-I

   Where "O" is Output Tax being the total of the tax payable as per sub- section (2) below: and
   "P" is Tax on Purchases for the said tax period under provision of clause (3) of sub-section (9) of Section 3: and
   "I" is Input Tax being the total of the tax paid as per clause (3) below and subject to provisions of Section 6.

2. Output Tax-
   1. Out put tax in relation to a registered dealer means the tax payable under this Act in respect of any sale or supply of goods made by the dealer in the course of his business and includes tax paid by a commission agent in respect of sale of goods made on behalf of such dealer;
   2. Subject to provisions of Section 6, a dealer shall be liable to pay the output tax under this Act leviable on the taxable turnover at the rate and subject to such conditions as may be prescribed from time to time.

3. Input Tax- Input tax in relation to any registered dealer means the tax paid or payable under this Act by the dealer to such selling dealer on the purchase of any taxable goods other than Special Category Goods in the course of business for resale or use in manufacturing or processing of such taxable goods for sale in the State or for use as container or packing materials for packing of such manufactured goods;

4. The net tax payable by a dealer liable to pay tax but not registered under this Act for a tax period shall be equal to the out put tax and tax on purchases, if any, payable for the said period.

5. Every taxable person shall pay in full the tax payable by him for the tax period at the time that person is required to file his return pursuant to sub-section (1) of Section 23.

6. If the input tax credit of a registered dealer, other than in respect of the goods exported out of the territory of India, for a tax period exceeds the tax liability for that period, the excess amount will not be refunded in cash and will be allowed to accumulate as credit for adjustment. The amount shall be adjusted against the tax liability, if any, under the Central Sales Tax Act, 1956, for the same tax period and the balance shall be credited against any outstanding tax, penalty or interest under this Act or under the Central Sales Tax Act, 1956 and only the remaining amount shall be carried forward by the dealer to succeeding tax periods and the amount shall be deemed to be an input tax credit for that period.

7. Every dealer liable to file returns under Section 23 shall, after the end of the assessment year, file, within 30 days, a statement showing his admitted tax liability and the amount of input tax credit for the assessment year after calculating the adjustments, if any, made between different tax periods during the relevant assessment year and also the amount if any, adjusted towards outstanding tax, penalty and interest dues.

8. If any amount is claimed by the dealer to his credit in excess after adjustments as per sub-section (7) above, he may apply to the assessing authority showing his desire to adjust such excess amount in subsequent year which he may claim in returns of different tax periods.

9. Notwithstanding any thing contained in sub-section (6), sub-section (7) or sub-section (8), the assessing authority shall determine the amount of input tax credit paid by the dealer in excess of his tax liability at the time of final assessment for the relevant assessment year under Section 25 or Section 26, and if any amount is found refundable, the same shall be refunded or adjusted under the provisions of Section 36.

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