(1)Subject to the conditions and exceptions, if any, set out in Schedule 1, the Sales of goods specified therein shall be exempted from tax under this Act.(2)The State Government may be notification in the Official Gazette, add to, amend or otherwise modify, the said Schedule and thereupon the said Schedule shall be deemed to have been amended accordingly.(3)The State government may be notification in Official Gazette make an exemption or reduction in rate in respect of any tax or interest payable under this Act on the sale or purchase of any class of goods specified therein -(i)At all or any specified point or points of sale in a series of sales by successive dealers; or(ii)By any specified class of persons in regard to the whole or any part of their turnover:Provided that any exemption or reduction may extend to the whole of the State or to any specified area or areas therein and be subject to such restrictions and conditions as may be specified in the notification.Provided further that validity of any notification issued under this sub-section shall not exceed a period of three years from the date of its issue.(4)The State Government may, from time to time by notification in the Official Gazette frame one or more schemes for the grant of relief to any class of industries within the State or within any specified part of the State on or after such date as may be specified in such schemes and producing such goods as may be specified therein by way of full or partial exemption of any tax payable under this Act on the raw materials or other input purchases by them within the State or on the manufactured goods sold by them within the State or in the course of inter-State trade or commerce for such period or periods as may be specified or by way of deferment of the tax payable by them under this Act for such period as may be specified and subject to such other restrictions and conditions as may be provided in such scheme or schemes.
