Section 12(1) in Punjab General Sales Tax Rules, 1949
(1)When the appropriate Assessing Authority is satisfied that the gross turnover of any dealer registered under section 7, has for three successive years, failed to exceed taxable quantum, he shall forward to the Commissioner a list giving the particulars of such dealers whose registration certificates are to be cancelled by the last day of June or the last day of December in each year and the cancellation shall come into effect from the last day of September next following or from the last day of March next following respectively and the liability of the dealer to pay tax under sub-section (3) of section 4 shall cease with effect from the said date.
