In exercise of the powers conferred by sub-section (2) of section 14 of the Gujarat Value Added Tax Act, 2003 (Guj. 1 of 2005), the Government of Gujarat hereby fixes one-half per cent, as the rate of lump sum tax in lieu of the amount of the tax payable by the dealer on the taxable turnover of his sales, who has been permitted to pay lump sum tax under sub-section (1) of said section 14.