(1)Notwithstanding anything contained in section 14, the dealer whose sales turnover under this Act and under the Central Sales Tax Act, 1956, (Central Act 74 of 1956.) does not exceed to rupees fifty lakhs in a year may at his option, instead of paying the tax at the rates specified in the Schedules, pay by way of composition, tax at the rate of 0.25 per cent of his taxable turnover:Provided that,(i)such dealer will not be eligible for input tax credit; and(ii)the dealers in the following goods are not eligible to exercise the option under this section,-(a)Indian Made Foreign Liquor,(b)sugarcane,(c)all kinds of pan masala with or without tobacco,(d)narcotics, and(e)rectified spirit.
