[Notwithstanding anything to the contrary contained in the Act but subject to sub section (3) of section 7, on the recommendation of the Council, the proper officer of the Central or a State Government may, subject to such conditions and restrictions as may be prescribed, permit a registered taxable person, whose aggregate turnover in a financial year does not exceed [fifty lakh of rupee], to pay. in lieu of the tax payable by him. an amount calculated at such rate as may be prescribed, but not less than one percent of the turnover during the year.
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