(1)A registered dealer required to furnish quarterly returns under sub-rule (2) of Rule 21 may make an application in Form 11 for exemption from furnishing of quarterly returns to the Commissioner so as to reach him not later than thirty days after the commencement of the year for which the exemption is applied lot, and if the Commissioner is satisfied that the dealer is not likely to make any taxable purchases or sales during any year, he may grant him an exemption certificate in Form 12 for that year.
