« Top Headlines » Open DEMAT Account in 24 hrs  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment?  How much gold jewellery can you keep at home? Nagpur ITAT explains rules on ownership, gifts, taxability  ?5.31 lakh TDS refund allowed by ITAT Delhi: Why absence of an original ITR did not block the taxpayer  Missed the ITR Filing Deadline? How to Claim Your Income Tax Refund and Correct Mistakes Before December 31, 2026  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  GST Return Preparation & ITC Analysis with TallyPrime (Hinglish Session)  Income-Tax Department Moves to Bring Greater Certainty to International Tax Cases «  Clarity on BPO taxation laws sought... Chidambaram is right and wrong... » Kerala comes up with `Lucky VAT' scheme August, 29th 2006 Scratch cards to carry prizes ranging from Rs 10 to Rs 1 lakh -------------------------------------------------------------------------------- The State is putting together a trade package to make it a `shopping destination' -------------------------------------------------------------------------------- The Kerala Government is launching a novel scheme titled, `Lucky VAT', that is aimed at ensuring better compliance among the traders in the State with the value-added tax (VAT) system. Under the scheme, the consumers will get a `Lucky VAT' card from the shops on purchase of items worth a minimum of Rs 1,000. The cards carry prizes ranging from Rs 10 to Rs. 1 lakh and the consumers can scratch find out whether they are lucky. Getting lucky The purchases are not required to be made on a single bill. The card will be available on smaller purchases made within a month for a cumulative amount of Rs 1,000. The Finance Minister, Dr Thomas Isaac, told newspersons here on Monday that prizes up to Rs 5,000 would be available on the spot from the shops. Prizes above that will be distributed from the nearest branch of Kerala State Financial Enterprises Ltd (KSFE). The scheme, however, will not be applicable to purchase of items such as petroleum products, steel, cement, alcoholic beverages, fruits, vegetables, milk, egg, sugar and textiles, excluding readymade garments. Also outside the scheme are items with compounded tax rates like gold and pharmaceutical drugs. Seeking help Dr Isaac said that the `Lucky VAT' scheme had figured at the meeting of the Empowered Committee of Finance Ministers held in Delhi recently and had generated much interest among the other states. The Government had sought Central assistance of Rs 10 crore for an advertisement campaign highlighting the scheme and the Centre had promised to consider it favourably, he added. The Minister noted that VAT collection in the State was around Rs 3,000 crore last year and the Government was targeting an additional amount of Rs 1,600 crore in the current year. The new scheme is part of the Government's efforts to mobilise the additional revenue. He said that the traders were also partners in the scheme and they had put up several suggestions during the Government's interactions with their various forums. There are around 1.30 lakh traders registered under VAT in the State and the scheme is expected to attract more traders to the VAT fold irrespective of the turnover limit fixed for registration. The Government is also considering putting together a trade package to make Kerala a `shopping destination' if the Rs 4,600 crore target for the current year materialises. This will be linked with the State's tourism development efforts and the package will be finalised in consultation with the related departments.