Composition levy

7[6[10. Composition levy. - (1) Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub -sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees may opt to pay, 1[in lieu of the tax payable by him under sub -section (1) of section 9, an amount of tax calculated at such rate‖]1 as may be prescribed, but not exceeding, - (a) one per cent. of the turnover in State in case of a manufacturer, (b) two and a half per cent. of the turnover in State in case of persons engaged in making supplies referred to in clause (b) of paragraph 6 of