14. Rate of Tax

(1) Tax shall be payable on the sale price of —

(a) the goods specified in the Schedule II, at the rate of one percent

(b) the goods specified in the Schedule III, at the rate of four percent

(c) the goods specified in the Schedule IV, at the rate not exceeding fifty percent but not less than twenty percent, as the State Government may, subject to such conditions and restrictions, by notification, specify

(d) any other goods, not specified in the Schedules I, II, III and IV, at the rate of fourteen and a half percent.

(2) The State Government may, by notification, alter any Schedule to this Act.