New Delhi : The state government has started a unique initiative to honour the highest tax-paying businessmen under the GST law in the state. In this, the businessmen who deposited the highest tax in the last year 2020-21 and 2021-22 will be honoured with the Bhamashah Award.
Chief Minister Shri Shivraj Singh Chouhan will felicitate the businessmen in a ceremony to be organised at Ravindra Bhavan on November 3. Minister of Finance, Commercial Taxes, Planning and Economic-Statistics Shri Jagdish Deora will preside over the function.
It is noteworthy that the purpose of establishment of Bhamashah Award is to encourage the suppliers who deposited the highest tax amount on the basis of the amount of state GST deposited by the taxpayers and the amount received by the state from IGST settlement under the provisions of the Goods and Services Tax Act in Madhya Pradesh.
Awards will be given in five categories
At the state level, 5 categories of suppliers have been created for giving the awards.
1. Such suppliers whose turnover in the concerned financial year is less than one-and-half crore rupees.
2. Such suppliers whose turnover in the concerned financial year is more than Rs 1.50 crore but less than Rs 50 crore.
3. Such suppliers whose turnover in the concerned financial year is more than 50 crores but less than 500 crores.
4. Such suppliers whose turnover in the concerned financial year is more than Rs.500 crores. The fifth category is that of government departments and public undertakings.
First Category :- First taxpayer will be awarded with one lakh rupees and certificate and second taxpayer with 50 thousand rupees and certificate.
Second Category:- Rs 5 lakh and certificate will be given to the first taxpayer and Rs 3 lakh and certificate to the second taxpayer.
Third Category:- Rs 7 lakh and certificate will be given to the first taxpayer and Rs 5 lakh and certificate to the second taxpayer.
Fourth Category:- First taxpayer will get Rs 10 lakh and certificate and second taxpayer Rs 7 lakh and certificate.
Fifth Category:- Rs 3 lakh and certificate will be given to the first taxpayer and Rs 2 lakh and certificate to the second taxpayer.
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