(1) Every registered dealer shall file a correct and complete return in such form, in such manner, for such period, by such date and to such authority, as may be prescribed. In addition, the Commissioner may require the registered dealers to furnish any data, for the purpose of collecting statistics, relating to any matter dealt with in connection to this Act.

(2) Without prejudice to the generality of the provisions contained in sub-section (1), every registered dealer may be required to furnish correct and complete returns in such form for such period, by such dates, and to such authority, as may be prescribed:

Provided that the Commissioner may, subject to such terms and conditions as may be prescribed, exempt any such dealer from furnishing such returns or permit any such dealer to furnish them for such different periods.

(3) If any dealer having furnished a return under sub-section (1), discovers any omission or incorrect statement therein, he may furnish a revised return at any time before a notice for assessment is served on him in respect of the period covered by the said return or before the expiry of one year following the last date prescribed for furnishing the said return, whichever is earlier.

(4) Any return filed under sub-section (1), without proper payment of tax as due, shall not be considered as a return filed under the provisions of this Act and therefore shall be liable for penalty.