Traders, manufacturers and other businessmen from the state, who pay value-added tax (VAT), will have to register themselves for Tax Information Network (TIN) number between December 1 to 20 or face the risk of deregistration and loss of benefits under the VAT regime. | |
| Announcing the programme, state finance minister Jayant Patil said, businessmen have to approach their respective assessment officers to get register themselves for getting the TIN number. |
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| Persons failing to register by December 20 would have to pay a fine of Rs 2,000. The deadline for them will be extended to December 31, failing which their registration would be cancelled automatically. |
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| He further said, "Since most of the states in the country are following VAT, in order to keep track of inter-state transactions, the central government has decided to implement the TIN system by April 1, 2006." |
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| Under the TIN system, businessmen would be given an unique 11 digit number, so even in a case of a change of address, they will not have to apply for VAT number afresh as TIN number would remain the same, he added |
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| Patil said that this system would help us keep track of the business establishments and their activities. |
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