(1) Notwithstanding anything contained in sub-section (1) and sub-section (2) of section 24, a dealer who is liable to pay tax under section 10, or section 14, or both but has failed to apply for registration under the Act, may, at his option, make an application for registration in the prescribed form to the prescribed authority under section 24 within the 31st day of July, 2015, along with a declaration by such dealer giving particulars of turnover of sales, or contractual transfer price, or both, or part thereof, and proof of payment of tax, in lieu of tax payable under sub-section (2) of section 16, or sub-section (1) of section 18, or both, as the case may be, at the rate and for the year or years or part thereof as specified in sub-section (1A):-

Provided that the provisions of this sub-section shall not apply to any dealer:-

(a) if any notice for determination of his liability to pay tax under any of the provisions of the Act has been issued to him under section 66 or

(b) if any accounts, registers or documents, including those in the form of electronic records have been seized from him under section 67 on or after the appointed day.

(1A) The rate of tax, depending on the fact whether tax is payable by the dealer under sub-section (2) of section 16 or subsection (1) of section 18 or both, as the case may be, and the year or years or part thereof for which tax is to be paid under this section in lieu of the tax otherwise payable by such dealer, shall be as follows: -

(a) in lieu of tax payable under sub-section (2) of section 16, at the rate not exceeding two per centum as the State Government may by notification specify, on the turnover of sales on which tax is payable under sub-section (2) of section 16, for the year or years or part thereof commencing from the date of acquiring liability to pay tax till the date preceding the date of filing of the application under this section.

(b) in lieu of tax payable under sub-section (1) of section 18, at the rate not exceeding four per centum as the State Government may by notification specify, on the contractual transfer price, for the year or years or part thereof commencing from the date of acquiring liability to pay tax till the date preceding the date of filing of the application under this section.

(2) If the application referred to in sub-section (1) filed by a dealer is found to be in order and the tax according to the declaration have been paid, the prescribed authority shall grant registration to such dealer within thirty days from the date of receipt of such application.

(3) The registration certificate issued under sub-section (2) shall be effective from the date of submitting complete application for such registration:

Provided that where a dealer makes an application together with a declaration and receipted challans showing payment of tax and such application is not disposed of by the registering authority within thirty days from the date of receipt of such application, the dealer shall be deemed to have been registered on expiry of such period.

(4) Notwithstanding anything contained in section 64, a dealer who has made an application under sub-section (1) shall not be entitled to issue tax invoice referred to in clause (48) of section 2 of the Act, during any period prior to the date of the order granting such registration.