New Delhi: In a bid to encourage active participation of markets in VAT collection across the national capital, Delhi government will on Monday launch a scheme named "Market Associations Reward Scheme" under which 10 percent of the tax collected above the target will be given to the market association.
Delhi Deputy Chief Minister Manish Sisodia, will launch the Scheme at a function on Monday during which a dedicated Market Associations Portal will also be launched by him.
Under the scheme to be launched by Department of Trade and Taxes, Delhi Government, every year, VAT collection target will be fixed for each market and if the VAT collection from a market exceeds the target, 10 percent of the VAT collected over and above the target from that market will be given to the market association.
Commissioner (VAT) S S Yadav said under the scheme 10 best market associations will also get cash award of Rs 5 lakh each every year and this money will be in addition to the VAT revenue shared with the Association for exceeding the target.
To be eligible for award under the scheme, the Market Association has to register itself with the Department of Trade and Taxes, of Delhi Government through its website or through the portal specially designed for the market associations by the department.
A press statement of Delhi government said, that the Association must have at least 50 registered members and must be a legal entity registered under the Societies Registration Act 1861.
"The target for VAT collection fixed is 25 percent above the VAT collected in the last financial year. The Association also has to enroll its members in the records of department online. A dealer can become part of only one market association in Delhi," it said.
Yadav further said that the market association must register itself through the special web portal to be eligible for revenue sharing and cash award under the scheme and for registration, it has to provide details of its office and its office bearers.
"The process is very simple and hardly takes few minutes for registration. Thereafter, the Association has to provide the TIN numbers of its members through the web portal only," he said.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: May 23, 2016 08:18:56 IST