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Traders' Triumph

Introduction of Exclusive Benefits Scheme

Megha Makharia
Megha Makharia

Published on: Mar 29, 2024

Aakanksha Singhal
Aakanksha Singhal

Updated on: Apr 4, 2024

(9 Ratings)
251

Introduction

The Government of Haryana has tailored strategic benefit schemes, in pursuit of amplifying the individual gains and thereby contributing to the overall robustness, of the trading community. On 4th January, 2024, two new schemes i.e., Mukhyamantri Vyapari Kshatipurti Yojana (MVKY) and Mukhyamantri Vyapari Samuhik Niji Durghatna Yojana (MVSNDY) were unveiled by the state Government, wherein the taxpayers who are registered under the Goods and Services Tax Act, 2017, will be indemnified for the loss of stock of goods caused by fire/natural calamities and also, compensation will be extended to such beneficiaries, in case of accidental death and permanent disability.

Applicability and Eligibility

Registered Taxpayers are required to meet the essential prerequisites, for unlocking the potential benefits of these schemes as under:

Particulars MVKY MVSNDY
Purpose Indemnify the loss of stock of goods caused by Fire/Natural calamities including Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, Inundation and Earthquakes, to the eligible beneficiaries Indemnify the beneficiaries, in case of accidental death and permanent disability*
Registration Mandatory for availing benefit under the scheme by beneficiaries* Mandatory for availing benefit under the scheme by beneficiaries*
Applicable to Taxpayers of the State registered as on 31st March or date of registration or at later date under Goods and Services tax (GST) either in the State or Central Jurisdiction as under:
  • Partnership Firms
  • Hindu Undivided Family (HUF)
  • Proprietorship Firm
  • Limited Liability Partnership (LLP)
  • Company
Taxpayers of the State registered as on 31st March or date of registration or at later date under Goods and Services tax (GST) either in the State or Central Jurisdiction as under:
  • Partnership Firms
  • Hindu Undivided Family (HUF)
  • Proprietorship Firm
  • Limited Liability Partnership (LLP)
  • Company
Operation Period Financial year 2023-24 Financial year 2023-24
Claimant Beneficiary applying to claim the benefit of MVKY Beneficiary or spouse/legal heir(s) on behalf of the beneficiary applying to claim the benefit of MVSNDY
*Note:
  1. Permanent Disability means 70% or above permanent disability on account of accident as certified by the Medical Authority.
  2. Beneficiary means the eligible taxpayers registered under GST Act, 2017 and who are registered on online portal of the scheme from whom registration fees has been paid by the Stakeholder to the Trust.

Compensation/ Coverage Under Scheme

MVKY

Compensation* on the basis of TO:

  1. Compensation – up to Rs. 5 lakh (If TO is Rs. 0 – 20 lakh)
  2. Compensation – up to Rs. 10 lakh (If TO is above 20 lakh and up to 50 lakh)
  3. Compensation – up to Rs. 15 lakh (If TO is above 50 lakh and up to 1 crore)
  4. Compensation – up to Rs. 20 lakh (If TO is above 1 crore and up to 1.5 crore)

MVSNDY

Rs. 5 lakh coverage, to the beneficiaries, in case of accidental death or permanent disability

*Note:
  1. No compensation in case annual TO is above Rs. 1.5 crore.
  2. Benefit under MVKY scheme will be available to those traders who are not obtaining any other insurance policy.

Registration Process

Registration process for both the schemes (i.e., MVKY and MVSNDY) are as under:

Register yourself on the online portal of Haryana Traders Welfare Board*

After registration, login to your account and fill the form along with the requisite documents*

Make payment of the annual registration fee*

* Note:
  1. Online portal of the Board is https://htwbhry.in/
  2. The registration window will be opened every year before the end of financial year i.e., February and March with one month grace.
  3. Documents required to be submitted for enrolling under the respective schemes are as under:
  4. Registration fee for enrolling under the respective schemes are as under:
    • MVKY: Registration fee shall be as per annual TO:-
      • Rs. 100 (If TO is Rs. 0 – 20 lakh)
      • Rs. 500 (If TO is above Rs. 20 lakh upto Rs. 50 lakh)
      • Rs. 1500 (If TO is above Rs. 50 lakh upto Rs. 1 crore)
      • Rs. 2500 (If TO is above Rs. 1 crore upto Rs. 1.5 crore)
    • MVSDNY: Registration fee shall be Rs.10/- per lakh per person (Rs. 50).

Lodging of Claim

Any intimation of loss shall be made online by the claimant to the Board, within 24 hours from the time of occurrence in prescribed format. Payment of settlement of claims shall be made directly to beneficiary by the trust through the Board.

Conclusion

These schemes are implemented by the State government, with the objective to mitigate the grappling impact on the businesses of small and medium traders, due to losses of their stocks on account of any unforeseen natural calamities and also, curtail the burden of such traders who are facing the tragic consequences of accidents. The assurance of compensation and support mechanism fosters resilience within communities, instilling confidence and encouraging economic participation. Through such schemes more resilient and supportive environment can be built, reinforcing the principle that, in times of adversity, no one is left to face the consequences alone.

Abbreviations Used

  1. TO – Turnover
  2. Board – Haryana Traders Welfare Board
  3. Trust – Haryana Parivar Suraksha Nyas

References

  1. Notification No. Plg (HPSN)-2024/38
    https://www.egazetteharyana.gov.in/Gazette/Extra-Ordinary/2024/4-2024-Ext/18202.pdf
  2. Notification No. Plg (HPSN)-2024/39
    https://www.egazetteharyana.gov.in/Gazette/Extra-Ordinary/2024/4-2024-Ext/18203.pdf

Disclaimer

The information provided in this article is intended for general informational purposes only and should not be construed as legal advice. The content of this article is not intended to create and receipt of it does not constitute any relationship. Readers should not act upon this information without seeking professional legal counsel.

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