Amendment status not verified — confirm the current text below against the official source.
(I) The tax payable by a dealer under this Act shall be levied on taxable turnover at the following rates,- Rate of tax. (a) in respect of goods specified in Schedule II, at the rate of ten paise in the rupee; (b) in respect of declared goods, at such rate not excee- ding four paise in the rupee as the State Government may, from time to time, by notification, specify; (c) in respect of any other goods at such rate not exce- eding five paise in the rupee as the State Government may, from time to time, by notification, specify; " (2) Notwithstanding anything contained in sub-section (1 I, the State Government may, in public interest, by notifica- tion and subject to such conditions as may be specified therein, direct that no tax or a lower rate of tax shall be payable in respect of any specified transactions or goods or class of dealers and such notification may be given such retrospective or prospective effect as may be specified therein. (~) For the purposes of this Act, the expression 'taxable turnover' means that part of dealer's gross turnover during the prescribed period in any year which remains after de- ducting therefrom-