(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 '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 in the following formula:

(O + P)

Where-

"O"-is the total output tax; and

"P"-is the purchase tax as provided under Section 12 during that tax period.