Tax Info Number made mandatory

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.

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.

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."

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

Patil said that this system would help us keep track of the business establishments and their activities.