(1) Notwithstanding anything to the contrary contained in this Act, every dealer who in course of his business purchases goods as may be notified by the State Government, shall liable to pay tax at the rate of four percent on the purchase price of the notified goods.

(2) No tax under this section shall be levied in respect of the purchases made from a registered dealer by whom tax under this section is payable.

(3) No tax under this section shall be levied in respect of any year on a dealer, if his aggregate of purchase prices of the goods notified does not exceed rupees five crore in that year.