Delhi VAT - Market Associations Reward Scheme:

Delhi Government has launched “Market Associations Reward Scheme” to check tax evasion and bogus dealers by sharing VAT revenue with the associations exceeding the targets fixed.

In this scheme, VAT collection target will be fixed for every year for each market. If the amount collected from the market exceeds the target, 10% of the VAT collected over and above the target will be given to the market association. Besides this, top 10 market associations will be rewarded with a cash award of Rs. 5 lakh each every year.

Eligibility for the Scheme-A market association has to register itself with the Department of Trade and Taxes through its website or through the portal designed for market associations. An association must also have at least 50 registered members and be a legal entity registered under the Societies Registration Act, 1851. Procedure of Registration – The association has to enroll its members through online. A dealer can became a part of one market body only. For Registration, that association has to provide details of its office and office bearers. The association has to give TIN numbers in the web portal of the department.

Any number of members can be added during this period. The portal will also help market bodies to monitor the filing of VAT returns.

Target of VAT collection – Target will be 25% above the amount collected in the last financial year.

Click to view Delhi VAT Market Association's Portal