Goa amends VAT to mop up revenue
Penalty of Rs 1,000 would be imposed on the spot if the dealers are found to be not issuing sale receipts, or not maintaining accounts.
Panaji: Goa Chief Minister Manohar Parrikar, who presented budget in the Assembly today, introduced various measures to ramp up tax collection from traders.
Among other things, there would be a spot collection of Value added tax (VAT) from the 'casual' traders who do not have a fixed place of business.[caption id="attachment_665910" align="alignleft" width="380"]
Goa Chief Minister Manohar Parrikar. PTI[/caption]
Parrikar, who presented the budget, also announced amendment of section 25(4) of VAT Act, to make dealers more responsible to renew registration.
There would be exclusion of remission and penalty clause, and claims would be considered on case to case basis.
Tax Deducted at Source (TDS) under Section 28 of VAT Act for contractors has been increased from 2 percent to 5 percent.
The chief minister also announced amendment to VAT act 2005 to bring under its purview the exhibition-cum-sales held in make-shift tents. The exhibitors would have to take prior permission from Commercial Tax Department.
More from EconomyPenalty of Rs 1,000 would be imposed on the spot if the dealers are found to be not issuing sale receipts, or not maintaining accounts.
The state government has come up with One Time Settlement (OTS) scheme for the dealers whose disputes with government authorities are pending. The dealers, under OTS, can pay up 50 per cent of the disputed amount to settle the matter.
"However, cases involving non-payment of tax will not be covered under this scheme," Parrikar added.
PTI
India’s trade surplus with US may cross $90 billion after tariff cuts, says SBI report
Inflation likely to be a big focus area for budget 2024, say sources
Explained: Will the Bank of Japan break tradition and raise interest rates?
UK enters recession, central bank admits
Explained: How the rising US dollar can affect everyone