11 Net tax.- (1) The net tax payable by a dealer for a tax period shall be determined by the formula: Net Tax = O I C where O = the amount of tax payable by the person at the rates stipulated in section 4 of this Act in respect of the taxable turnover arising in the tax period, adjusted to take into account any adjustments to the tax payable required by section 8 of this Act. I = the amount of the tax credit arising in the tax period to which the person is entitled under section 9 of this Act, adjusted to take into account any adjustments to the tax credit required by section 10 of this Act. C = the amount, if any, brought forward from the previous tax period under sub-section (2) of this section. (2) Where the net tax of a dealer calculated under sub-section (1) of this section amounts to a negative value, the dealer shall (a) adjust the said amount in the same tax period against the tax payable by him under the Central Sales Tax Act, 1956 (74 of 1956), if any; and (b) be entitled to claim a refund of any surplus amount and the Commissioner shall deal with the refund claim in the manner described in section 38 and section 39 of this Act. Explanation.- The dealer may elect to adjust the refund as a tax credit in the next tax period. | 
