Bhopal: Highest tax-paying bizmen to get Bhamashah Award

State finance minister Jagdish Deora will preside over the function.

Staff ReporterUpdated: Wednesday, November 02, 2022, 12:45 AM IST
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Bhopal(Madhya Pradesh): State government has started an initiative to honour highest tax-paying businessmen under GST law in the state. The businessmen who deposited highest tax in 2020-21 and 2021-22 will be honoured with Bhamashah Award.

Chief Minister Shivraj Singh Chouhan will felicitate businessmen at a function to be organised at Ravindra Bhavan on November 3. State finance minister Jagdish Deora will preside over the function.

The purpose of instituting Bhamashah Award is to encourage suppliers who will deposit highest tax under provisions of Goods and Services Tax Act in Madhya Pradesh.

At the state level, 5 categories of suppliers have been created for awards. First category will include suppliers whose turnover in a financial year is less than Rs 1.5 crore. Second category will include suppliers whose is more than Rs 1.50 crore but less than Rs 50 crore. Third category will have suppliers whose turnover is more than Rs 50 crore but less than Rs 500 crore. Fourth category will include suppliers whose turnover in financial year is more than Rs 500 crore. The fifth category is that of government departments and public undertakings.

The awardees will get cash prizes and certificates.

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