National

Goa to amend VAT Act to garner more revenue

Press Trust of India Panaji | Updated on March 18, 2013 Published on March 18, 2013

The Goa Government, which presented the Budget in the Assembly on Monday, has 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.

Chief Minister Manohar 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 a case-to-case basis.

Tax Deducted at Source (TDS) under Section 28 of VAT Act for contractors has been increased from 2 per cent to 5 per cent.

Parrikar 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.

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.

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.

Published on March 18, 2013
This article is closed for comments.
Please Email the Editor