Asia’s largest IT market Nehru Place in Delhi has collected Rs 110 crore of VAT revenue in this FY 2014-15, claimed the Nehru place based All Delhi Computer Traders Association(ADCTA). The Nehru Place ward # 89 has not only achieved the revenue collection target given by the DVAT, but the ward has collected 20% more than its target.
The association attributed this success to its traders who are paying their taxes on time and the growing support coming from VAT department. The association feels that Nehru place traders no longer operate under the fear of any ’ inspector raj’ or untimely raids conducted by the VAT and sales departments.
Speaking to Channel Times, Swarn Singh, Joint secretary, ADCTA said, “This fiscal year, our ward has done revenue collection of Rs 110 crore, whereas the VAT department had set a target of Rs 90 crore. Despite the low market conditions, and online business hitting the offline traders business, our Nehru Place IT dealers have performed well in paying taxes to the department.”
He also added, “With the joint cooperation of the VAT department, now it is becoming easier for traders to work in fearless environment. The department time to time does survey of the traders and share their feedback with the association on regular basis before taking any stern action on tax defaulters.”
Mahinder Aggarwal, president, ADCTA said, “Highest collection of VAT revenue from our ward also nullifies those international reports which say that Nehru Place is the most notorious IT market for piracy and hub for counterfeited products. With the support of Delhi government and VAT department, we will continue to break our revenue collection targets every year.”
Shyam Modi, Chairman, ADCTA also added, “Despite the healthy revenue collection year on year, we don’t see the Delhi government giving us in return as the basic amenities like water, parking and cleanliness is still a major issue of the Nehru Place IT markets, where everyday close to lakhs of people visit.”
As the Delhi government is gearing up to give shape to a series of systemic reforms aimed at streamlining Value Added Tax collection to enhance revenue in the new financial year, starting from April 1.
The government had promised reforms to plug gaps and raise revenue collection. The government will table a Bill on proposed amendments to ease trade conditions and tax collection procedures for making transactions more trader-friendly and enhancing revenue collections.