Hyderabad: In its bid to increase revenue inflow, the Telangana state commercial tax department is working to bring in the business revenue of traders beyond Rs 50 lakh in the tax net, so that they can impose VAT on their transactions.
This, they plan to push through by increasing the compliance of traders who have been showing “zero business” but internal ex-aminations by the department showed otherwise.
“Many traders who need to report their business transactions have not recorded their sales with the department. When asked they said there was no business. However, our internal verification with the other government departments including GHMC, electricity department and others which make large scale purchases from the Troop Bazaar and other traditional market for electricity, sanitary goods were not reported to the department. Nor, did they include them in their register,” said an official with the TS commercial tax department.
The official added, “We held a series of meetings with the traders of various business to increase the compliance or else raids and random checks would be unavoidable. Traders were given about three months time to increase the compliance.”
V. Anil Kumar, commissioner said, “Through increased compliance, we can bring the traders under the above Rs 50 lakh business turnover so that they will attract VAT.”
