https://www.taxtmi.com/article/detailed?id=5491 A lump-sum tax scheme for eligible small-town retailers applies where retailers outside corporations and Class-I towns with turnover below the prescribed threshold may opt in by application; tax is fixed by turnover bands and paid quarterly (prorated if mid-quarter). On opting in, VAT/TOT registration is cancelled and any input tax credit is extinguished. Opt-in traders are barred from issuing VAT invoices, are protected from inspection or assessment without prior permission of the Excise and Taxation Commissioner (with a complaint process), and face standard VAT proceedings for fraudulent evasion or misrepresentation. en-us Thu, 20 Feb 2014 10:39:59 +0530 Wed, 11 Feb 2026 15:56:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5491 A lump-sum tax scheme for eligible small-town retailers applies where retailers outside corporations and Class-I towns with turnover below the prescribed threshold may opt in by application; tax is fixed by turnover bands and paid quarterly (prorated if mid-quarter). On opting in, VAT/TOT registration is cancelled and any input tax credit is extinguished. Opt-in traders are barred from issuing VAT invoices, are protected from inspection or assessment without prior permission of the Excise and Taxation Commissioner (with a complaint process), and face standard VAT proceedings for fraudulent evasion or misrepresentation. Articles Value Added Tax - VAT and CST Thu, 20 Feb 2014 10:39:59 +0530 https://www.taxtmi.com/article/detailed?id=5491