Amendment status not verified — confirm the current text below against the official source.
Incidence of Tax.—(}} Every dealer whose “jumovér of sales during the year immediately preceding the commencement of this Act exceeds: the taxable quantum, shall be liable to pay tax under this Act on his (axable turnover of sales effected hy him on or after such commencement. (2) Every dealer to wham sub-section (1) does not apply, shall, with’ effect from the date immediately following (he day on which his tumover of 2) sales calculated form the commencement of any.ycar first exceeds, within such year, the taxable quantum, be liable to pay tax under this Act on all sales effected by him after that date. (3) Ever dealer who becomes liable to pay tex under this Act, shall continue to be so liable unti) his registration certificate is duly canectled, und upon such cancellation his flinbility to pay tax, otlier than lax already levied or leviable, shall, until his turnover. of afl sales again first exceeds the limit specified in sub-section (1), cease: i 3 : t 10 Provided that where the dealer becomes liable topay tax again in the sdme year in Which he ceased to be liable as aloresaid, ther in respect of such sales as take place duving the period cGmmencing on the date of cessation of liability (0 tax and, upto the time when his tumover ofall sales does not exceed atch limit, no tax shall be payable. (4) For the purpose of this Act “taxable quantum” means five lakh rupees, . 4, Liability of Dealer——Surbject to the provisions — of this Act and the rules made-thereunder, a tax shall be levied on the taxable turnover of sales involving transfer of property in goods in the execution of ‘the works contract commenced or continued for execution on OF afier the commencement of this Act, whether such contract was entered into prior, subsequent to suchi commencement.