(1) Notwithstanding anything to the contrary contained in the Act and subject to such Rules as may be made in this behalf, the State Government may, by notification and subject to such conditions and restrictions, as may be prescribed, permit any class or description of registered dealers to pay, in lieu of the tax payable by him, an amount calculated at such rate, not exceeding five percent, of his gross turnover as may be specified in the notification.

(2) Every dealer to whom the provisions of subsection (1) apply shall-

(a) not charge any tax on the sale of goods specified in Schedule 1;

(b) not charge any tax in excess of the rate specified in the notification issued under subsection (1); and

(c) not be entitled to issue any tax invoice in respect of any sale made by him.

(3) Notwithstanding anything to the contrary contained in the Act, every dealer to whom the provisions of subsection (1) applies, shall-

(a) furnish to the prescribed authority a true and complete return, containing such particulars in such form and manner and in respect of such period and within such time as the Commissioner may, by notification specify;

(b) maintain such books of accounts and draw up such accounts in such manner in respect of his business as the Commissioner may, by notification, specify.

Explanation.- For the purposes of this section, the expression "books of accounts" shall include registers, statements, invoices, bills, ledgers, contracts and other documents, in relation to his business, issued to or received by him.