17C. Compounded rate of tax on sale of lottery tickets

(1) Any dealer liable to pay tax under sub-section (1) of section 10 and registered under this Act selling lottery tickets in West Bengal may, at his option, pay the tax in lieu of tax payable under section 17, section 16 or section 16A, on sales of lottery tickets in West Bengal at such compounded rate, not exceeding rupees five lakh per draw, as may be prescribed.

(2) The tax payable at a compounded rate referred to in sub-section (1) shall be paid by the dealer referred to in that sub-section into the Reserve Bank of India or a Government Treasury in such manner or by such date as may be prescribed.

(3) Any dealer who intends to opt for payment under sub-section (1) shall exercise his option by making an application to the Commissioner in such manner, and by such date, as may be prescribed.