In exercise of the powers conferred by sub-section (2) and (3) of section 73 of the Madhya Pradesh Vat Adhiniyam, 2002 (No. 20 of 2002), the State Government, hereby, specifies the following rates for the purpose of said sub-sections, namely:-

(1) For the purpose of clause (i) of sub-section (2), the rate of tax, including surcharge, if any, applicable under the Madhya Pradesh Vanijyik Kar Adhiniyam, 1994 (No. 5 of 1994) or the rate specified in column (3) of Schedule II of the Vat Adhiniyam , whichever is lower ;

(2) For the purpose of sub-section (3), the concessional rate of tax, including surcharge, if any, at which the taxpaid goods have suffered tax under the Vanijyik Kar Adhiniyam or the rate specified in (1) above, whichever is lower.