(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]