Notwithstanding anything to the contrary contained in the Act, all dealers (other than importers and manufacturers) who sell their goods locally and do not consign any goods outside the State and whose gross turnover of sales is more than Rs seven lacs and fifty thousand but does not exceed Rs. twenty lacs, subject to such conditions and restrictions as may be prescribed shall, pay in lieu of the tax as specified under section 13 or section 14, a tax at such percentage of the taxable turnover of such sales and purchases as the Government may, by order, notify, subject to the condition -

(a) that no input tax credit shall be available to such dealers; and

(b) that no tax invoice can be issued by such dealers:

Provided that every dealer liable to turnover tax under this section, if not already registered under the Jammu and Kashmir General Sales Tax Act, 1962 shall be registered as per the provisions of section 27:

Provided further that such a registered dealer may, by exercising option in the prescribed manner, elect to pay tax as specified under section 13 or section 14 of the Act in lieu of the provisions of this section.