(1) The tax payable by a dealer under this Act shall be levied on the taxable turnover at such rate not below the floor rate and subject to such conditions as the Government may from time to time impose.

(2) Omitted.

(3) Every dealer who is required to be registered as specified and further subject to the conditions specified in this Act, shall collect, account for and pay, on his taxable turnover relating to all taxable sales, tax at the rate as specified in the Schedules appended to this Act.

(4) The tax payable by a dealer on the turnover of taxable sales as referred to in sub-section (1), shall be levied -

(a) at the rate of zero per centum of such part of his turnover of sales as represents sales of any goods specified in schedule-II.

(b) at the rate of one per centum of such part of his turnover of sales as represents sales of any goods specified in schedule-III.

(c) at the rate of four per centum of such part of his turnover of sales as represents sales of any goods specified in schedule-IV.

(d) at the rate of twelve and half per centum at single point of such part of his turnover of sales as represents sales of any goods specified in schedule-V.

(5) The rate of tax on works contract shall be at the rate of 4% or at such rate as may be notified by the State Government from time to time.

(6) The State Government after giving in the official gazette such previous notice as may be considered reasonable of its intention to do, may, by like notification, add or amend or otherwise modify, any of the schedules and thereupon the schedules shall be deemed to be amended accordingly.