Delhi government today launched 'Market Associations Reward Scheme' under which 10 per cent of the tax collected above target will be given to the market association for spending on infrastructure and public amenities in market areas.
The scheme is aimed at encouraging the city's traders to actively participate in Value Added Tax (VAT) collection across the national capital.
While launching the scheme, Deputy Chief Minister Manish Sisodia, who also holds finance portfolio, also unveiled designated web portal -- www.Dvat.Gov.In/market -- for traders' associations which can register themselves through it.
As per the scheme, 10 best market associations will get cash award of Rs five lakh each every year and this money will be in addition to the VAT revenue shared with the association for exceeding the target.
"The revenue shared and awarded money under the scheme of Market Association Reward Scheme will be used for infrastructure and public amenities in the market," Sisodia said.
He said the scheme will create a sense of pride among market associations for becoming active partners in collection of VAT and contributing to the development of Delhi. It will create competition among the markets in collection of tax revenue.
The market association must register itself through www.Dvat.Gov.In/market to be eligible for revenue sharing and cash award under the Market Association Reward Scheme.
"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 five lakh at the end of the year," the official further said.
The Department of Trade and Taxes is confident that a large number of market associations in Delhi will come forward, get enrolled and actively participate in the scheme, official added.
Meanwhile, Sisodia distributed the cash awards to the 78 winners of the fourth draw of Bill Banvao Inaam Award Scheme at Delhi Secretariat.
