(1) If any person has any ground to presume that his transaction may exceed one million rupees in the coming Three months, he has to make an application, setting out such ground, in the format referred to in Schedule-1, to the concerned Tax Officer to get the transaction registered.
(2) If there does not exist any ground for presumption as mentioned in Sub-rule (1) but the turnover of transaction carried on by any person exceeds One Million Rupees, the person carrying on such transaction has to make an application in the format referred to in Schedule-1 to the concerned Tax Officer to get the transaction
registered within Thirty days of the date of such excess.