Payment of lump sum in lieu of tax

The Government may, in the public interest and subject to such conditions, as it may deem fit, accept from any class of dealers, in lieu of the tax payable under this Act, for any period, by way of composition, a lump sum to be determined by the Government and to be paid at such intervals and in such manner, as may be prescribed, and thereupon during the period such composition remains in force, the provisions of this Act and the rules made there under relating to the filing of returns and the maintenance of accounts by such dealers shall not apply to them.