(1) The registered dealers of the business or trade as specified by notification issued under sub-section (1) of section 30A shall be eligible for payment of an amount of tax at a compounded rate in accordance with the provisions of that section.

(2) If a registered dealer referred to in sub-rule (1) intends to exercise his option to pay tax in accordance with the provisions of section 30A, he shall apply to the concerned Senior Joint Commissioner in Form 24B for permission to do so within ninety days from the beginning of the year in respect of which option is exercised.

(3) If the concerned Senior Joint Commissioner is satisfied that application made under sub-rule (2) is correct and complete and all the conditions provided in section 30A are fulfilled, such authority shall grant permission within fifteen days from the date of receipt of the application and inform the dealer accordingly in Form 24C to compound the amount of tax payable by the dealer in respect of such year at the rate specified in sub-rule (4).

(4) For the purpose of computing the amount of tax to be compounded under section 30A in respect of the dealer of the class or classes of business or trade, as specified in column (2) of the Table below, the percentage mentioned in sub-section (3) of section 30A is specified in the corresponding entry in column (3) of the said Table.

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