The Department welcomes all Market/Industrial Associations to join hands for faster development of city and for better amenities in their area.
In its effort to collect the due tax, the Government intends to involve market associations. With this objective in view, the Government proposes to introduce a reward scheme for the associations.
OBJECTIVE OF THE SCHEME
It has been decided to introduce a reward scheme to encourage market / trade association for payment of due tax. A portion of the VAT collected in addition to the target from the markets/localities shall be made available for the maintenance and upgradation of that market to foster business and trade.
SALIENT FEATURES OF THE SCHEME
The association has to register itself online on the website of the department and upload the list of members with their TIN, Name & Address.
If a dealer is a member of more than one market association, the said member can associate with only one market association.
Cancelled dealers cannot participate in any association for the purpose of this scheme. Members should be from ward area only.
Target for eligibility for Reward:
1. A tax growth of 25% year-on-year would be the bench mark for the association to become eligible for consideration for the reward.
2. Admitted tax due and paid (VAT/CST) with the return would be accounted for.
3. Refund claimed and credit carried forward would be deducted from the tax collected, meaning thereby that net tax would be compared for working out the growth percentage.
4. Interest, penalty or any other dues pertaining to past period but deposited during the current year would not be taken into account for the reward.
1. A committee comprising members from Finance Department and Trade & Taxes Department would be constituted to work out the claims of the associations for award under the scheme.
2. The money awarded to the association would be made available for expenditure on proposals put forth by the market association for the upkeep / maintenance of their market / localities.
3. Once the reward amounts are finalized, funds would be placed at the disposal of the civic bodies or any other agency for infrastructure development as decided by the Government.
4. Some of the works which could be sanctioned shall be as follows:
Further details are yet to be announced by department.
(Author is associated with Prudent AdvisO Services, Delhi)