Update: No Surety Scheme again launched from 1st July, 2013
The DVAT Department has again stopped taking surety for registrations starting from 01.07.2013. These changes have been bought vide Notification No. F.7(453)/Policy/VAT/2012/298-308 dated 18-06-2013. There is not time limit or last date specified till the time this scheme would be in place. This is a good time for anybody waiting to get registered under DVAT to get the registration without blocking his funds in surety amount.
The Delhi VAT Department vide Notification NoF.7(450)/Policy/VAT/2012/336-347 dated 23/07/2012 have waived of surety prescribed for Delhi VAT Registration for period of two months i.e. till 22/09/2012.
What Does This Mean?
Delhi VAT (DVAT) Registration required furnishing of surety amounting to minimum Rs. 50,000 and maximum Rs. 1,00,000 before filing of registration application. This surety was required to be provided in the form of dealer surety or bank guarantee or fixed deposits or cash deposit with DVAT department i.e. if a person applying for DVAT registration provided surety other than in the form of dealer surety, then his funds upto that amount was blocked with the DVAT Department. Now for 2 months DVAT Registration can be done without submitting any surety so dealers registering in this period will save funds which were earlier blocked with DVAT Department.
So everybody looking to register with DVAT for TIN number should hurry up and avail benefit of this opportunity. For DVAT Registration Contact Us
The text of the notification is reproduced below for your reference:
I Rajendra Kumar, Commissioner, ” Value Added Tax, Delhi, in
exercise of powers conferred on me by sub section (1) of section 19 of Delhi
Value Added Tax Act, 2004 hereby direct that no security would be required
to be furnished by such dealers, who apply for registration with the
department during the period of next two months from the date of issue of this
Commissioner, Value Added Tax