10. Calculation of tax payable. –

(1) Subject to sub-rule (2), the tax payable on a taxable sale or a taxable purchase shall be calculated by applying the rate of tax specified in Schedule 'B' and Schedule 'C' of the Act, to the sale or purchase price of the transaction, as the case may be.

(2) Where tax charged is included in the sale price of the goods, the taxexclusive sale price shall be determined by applying the following formula:

A - (A x B)

Where-

"A" is the tax-inclusive sale price, and

"B" is the tax fraction.

(3) The net tax payable by a dealer for a tax period shall be calculated from the following formula.

(O + P) – I

Where "O" is the total output tax;

"P" is the purchase tax as provided under section 12;

and

"I" is the total input tax,

during that tax period.