New VAT measure in Goa

The Goa government has given the option to small bars and taverns with annual business of less than Rs 10 lakh and who were recently brought under the Value Added Tax (VAT) to opt for the composition scheme and pay just 2 percent of their annual turnover as VAT.

The Commissioner of State Taxes in Goa has created a new category under the VAT composition scheme for such small bars and taverns in the state who have annual business of less than Rs 10 lakh.

The time limit given to bars and taverns in Goa to register for VAT has been extended to 31st March, while the deadline to opt for the composition scheme is 15th March.