Directorate of Information & Publicity 
DIRECTORATE OF INFORMATION AND PUBLICITY
GOVERNMENT OF NCT OF DELHI
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Dated 22.05.2016
- Deputy Chief Minister to launch the Market Associations Reward Scheme on 23rd May
- Special web portal www.dvat.gov.in/market will also be unveiled for the Market Associations
- For the 1st time, VAT revenue collected from markets will be shared with the Market Associations
- 10 best Market Associations to also get cash award of Rs 5 lakh each
- Revenue shared and award money to be used for development of infrastructure and public amenities in the market.
- To be eligible, Market Association should have at least 50 registered members
- It will also help in effective monitoring to eliminate bogus dealers and put social pressures on tax evaders, nil tax payers and tax declining dealers to pay VAT
The Department of Trade and Taxes, Government of NCT of Delhi has come up with an innovative scheme named “Market Associations Reward Scheme”. The scheme will effectively encourage Market Associations of the markets across Delhi to actively participate in VAT collection. Every year, VAT collection target will be fixed for each market and if the VAT collection from a market exceeds the target, 10% of the VAT collected over and above the target from that market will be given to the market association. Besides this, 10 best market associations will also get cash award of Rs 5 lakh each every year. This money will be in addition to the VAT revenue shared with the Association for exceeding the target.
Sh Manish Sisodia, Hon’ble Deputy Chief Minister of Delhi will launch the Market Associations Reward Scheme on 23rd May 2016 at a public function being organized in the Auditorium, Delhi Secretariat, IP Estate. To be eligible for award under the scheme, the Market Association has to register itself with the Department of Trade and Taxes, Government of NCT of Delhi through its website or through the portal specially designed for the market associations by the Department. The Association must have at least 50 registered members and must be a legal entity registered under the Societies Registration Act 1851. The target for VAT collection fixed is 25% above the VAT collected in the last financial year. The Association also has to enroll its members in the records of the department online. A dealer can become part of only one market association in Delhi.
The department of Trade and Taxes has developed a special web portal www.dvat.gov.in/market for the market associations in Delhi. The market association must register itself through this portal only to be eligible for revenue sharing and cash award under the Market Association Reward Scheme. 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. As soon as the list of members is uploaded, the request of the association goes to the account of the member concerned to get her/his consent to be the member of the Association under this reward scheme. Once the member concerned accepts the request, the enrollment of member becomes final for one financial year. For the market association, there is facility to add members any number of times during the financial year.
The Market Associations Portal will also be launched by Sh Manish Sisodia, hon’ble Depyty Chief Minister, Government of NCT of Delhi at the same function. Apart from facilitating enrollment of the Association as well as its members under the scheme, the portal will also provide facility to the Market Associations to monitor the filing of VAT returns and deposit of VAT by its members. This will enable the Market Association to pursue with the tax defaulters and return defaulters and ensure filing of returns as well as deposition of tax. The Associations can also motivate the members to issue bills and deposit more VAT every year so that it exceeds the target and gets share of VAT collected as well as get the cash award of Rs 5 lakh at the end of the year.
The VAT shared with the market association and the cash award under the scheme will be used by the Market Association for development of public amenities in the market. It can also be used for development of other infrastructure and beautification of the market. The scheme will create a sense of pride among the market associations for becoming active partners in collection of VAT and contributing to the development of Delhi. It will also likely to create competition among the markets in collection of tax revenue . The scheme is also likely to keep a tab on bogus dealers, nil tax payers, tax declining dealers and return defaulters. The Department of Trade and Taxes is confident that a large number of market associations in Delhi will come forward, get enrolled under the scheme and will actively participate in the scheme.
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