(1) There shall be levied on goods specified in Schedule II, a tax at the rate mentioned in
the corresponding entry in column (3) thereof and such tax shall be levied on the taxable
turnover of a dealer liable to pay tax under this Act.2
(2) Notwithstanding anything to the contrary contained in this Act, no tax shall be levied on
goods specified in Schedule II, if the goods are sold by any one of the oil companies, as may
be notified, to any one of the notified oil companies. [from 10.8.10]
6 [Notwithstanding anything contained in this Act, no tax shall be levied on goods specified in
Schedule II, if the goods are sold by any one of the public sector oil companies, that is Indian
Oil Corporation Limited, Hindustan Petroleum Corporation Limited, Bharat Petroleum
Corporation Limited and Indo-Burma Petroleum Company Limited, to any one of the said oil
companies.] [upto 9.8.10]
(3) Notwithstanding anything to the contrary contained in this Act, no tax shall be levied on
such goods as may be notified by the State Government, subject to such restrictions and
conditions as may be specified in the notification, if the goods are sold by a joint venture
company to its holding company. [from 10.8.10]
