Rate of Tax

(1) The tax payable by a dealer under this Act shall be at the rate specified in Schedule I attached to this Act; Provided that the State Government may, by notification in the Official Gazette grant rebate not exceeding one per centum of the tax subject to such conditions as may be specified therein; (2) The State Government, after giving by notification in the Official Gazette not less than three months, notice of its intention so to do may, by like notification, reduce the rates of tax specified in the said Schedule and thereupon the said Schedule shall be deemed to be amended accordingly.