11. Payment of tax at a fixed rate under section 15 in lieu of the tax payable by a dealer

(1) The provisions of section 15 shall apply to such dealers whose gross turnover, as per their own estimate, is not expected to exceed rupees forty lacs during a financial year.

(2) A dealer entitled to pay tax at a fixed rate under section 15 shall intimate the authority specified in rule 62 authority in Form A-XI. Such intimation shall be submitted at the counter of the circle. The incharge of the counter, after ascertaining that all the columns of the application have been properly filled in, signed and verified shall -

(i) grant the person a receipt in lieu thereof, and

(ii) enter the same in register VR-XII.

(3) Notwithstanding anything contained in sub rule (1), if the gross turnover of a dealer paying tax under section 15 exceeds rupees forty lacs during the course of the year or he imports any goods from outside the State for the purpose of his business, his entitlement to pay tax at fixed rate in lieu of the tax payable shall cease from the date on which his gross turnover first exceeded rupees forty lacs or, as the case may be, he first sold the goods imported by him from outside the State.