- [(1)] [Substituted by M.P. Act No 12 of 2006.] A registered dealer purchasing goods specified in Schedule II from another such dealer within the State after payment to him of tax under Section 9 and/or purchasing goods specified in Schedule I. and whose turnover in a year does not ordinarily exceed such limit as may be prescribed but does not exceed [sixty lacs] [Substituted by M.P. Act No. 20 of 2010.], may opt, in the prescribed form within one month of the commencement of such year, for payment, in lieu of tax payable by him under Section 9, a lumpsum at such rate not exceeding four percent in such manner and subject to such restrictions and conditions as may be prescribed :[Provided that in case of a dealer who is a manufacturer, the condition of purchases from a registered dealer shall be limited to the goods specified in Part-Ill and IV of Schedule-II :Provided further that the option for composition pertaining to the year 2006-07 can be given up to 30th June, 2006 :Provided also that a dealer who has obtained registration certificate during a year, may give option for composition for the part period of the year and the option for composition can be given within 30 days from the date of registration.] [Inserted by M.P. Act No. 22 of 2006.](2)If a registered dealer during the year for which an option has been given by him, contravenes any of the restrictions and conditions prescribed under sub-section (1), the option given by him shall stand revoked.(3)[ A registered dealer who opts for composition of tax sub-section (1) shall not be eligible to any input tax rebate in respect of the goods sold during the year in relation to which such option is exercised by the dealer and the input tax rebate already claimed and adjusted towards the tax payable, shall be paid along with the first quarter of the year.] [Substituted by M.P. Act No. 22 of 2006.]
