Amendment status not verified — confirm the current text below against the official source.
(1) The tax payable by a dealer, who is liable to pay tax under section 14, shall be levied at the rate of twelve decimal five zero per centum of such part of the contractual transfer price of goods during any period which remains after deducting therefrom his contractual transfer price during that period on— (a) contractual transfer of goods, sales of which are declared tax-free under section 21; (b) such other contractual transfers as may be prescribed. (2) Where a dealer enters into a contract with, and engages, another dealer for execution of a works contract, whether in part or in full, the contractual transfer price relating to the execution of such works contract executed by that other dealer shall, subject to the production of the proof of payment of tax by that other dealer, be deducted from the contractual transfer price of the dealer who engages the other dealer for execution of the works contract.