(1) The tax, payable on sale of goods under this Act, shall be levied and paid on the taxable turnover of sale of -

(a) goods named or described in column 2 of the Schedule II, at every point of sale and at the rate of four percent;

(b) goods named or described in column 2 of the Schedule III at every point of sale and at the rate of one percent;

(c) goods named or described in column 2 of the Schedule IV at the point of sale mentioned in column 3 and at the rate of tax mentioned in column 4 of the Schedule against such goods;

(d) goods named or described in column 2 of the Schedule V at every point of sale and at the rate of twelve and half percent;

Provided that in respect of goods mentioned in column 2 of Schedule IV, the State Government may, by notification, declare different rates of tax, not exceeding fifty percent, in respect of different goods or class of goods.

Provided further that turnover of sale of textile and sugar except khandsari sugar, mentioned or described in column 2 of Schedule II, shall be liable to tax from such date and at such rate, not exceeding four percent, as may be notified by the State Government.

(2) In respect of any entry of any Schedule, explanation or clarification, if any, given in footnotes of such Schedule, shall be deemed to be a part of such entry of such Schedule.

(3) Where a dealer, selling any goods, is not entitled to realise amount of tax  payable by him on the turnover of sale of such goods, separately on tax invoice, sale invoice, cash memo or bill from the purchaser of the goods, amount of tax payable by him on the turnover of such sale shall be computed using the formula-

Rate of tax X aggregate of sale prices

(4) The State Government may, by notification in the Gazette, amend any entry of any Schedule, add any new entry in any of the Schedule and in the like manner omit any entry of any Schedule.

(5) Every notification made under this section shall, as soon as may be after it is made, be laid before each House of the State Legislature, while it is in session, for a total period of not less than fourteen days, extending in its one session or more than one successive sessions, and shall, unless some later date is appointed take effect from the date of its publication in Gazette subject to such modifications or annulments as the two Houses of the Legislature may during the said period agree to make, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done thereunder except that any imposition, assessment, levy or collection of tax or penalty shall be subject to the said modification or annulment.