Lbt
This query is : Resolved
24 September 2013
Dear All,
Can anyone provide me details expanation of LBT(local body tax)...plz
its urgent plz
24 September 2013
Local Body Tax
**************
Is a cess that the Maharashtra government wants to levy on the entry of goods for use and consumption within the jurisdictions of local municipal corporations.
The state government will implement LBT to replace the traditional octroi.
Mumbai,Which is the only city where octroi is levied at 4%, LBT will come into effect from October, while other cities, such as Thane, Navi Mumbai, Nagpur, Pune, have already gone the LBT way.
After octroi is scrapped, traders' wagons will not be inspected at check posts. But the relief that octroi's removal would have brought has been diluted already by the introduction of LBT. Traders and businessmen in the state have shut their shops and establishments because of this tax.
Traders have two key objections to LBT:
First, they do not want the responsibility of computing their own tax liability because that would mean additional expenses for them.
Second, they say they are already pay Value Added Tax, or VAT, and LBT will expose them to the perils of double taxation.
MORE INFO:
https://www.dnaindia.com/mumbai/1831478/report-what-is-local-body-tax
**************
Is a cess that the Maharashtra government wants to levy on the entry of goods for use and consumption within the jurisdictions of local municipal corporations.
The state government will implement LBT to replace the traditional octroi.
Mumbai,Which is the only city where octroi is levied at 4%, LBT will come into effect from October, while other cities, such as Thane, Navi Mumbai, Nagpur, Pune, have already gone the LBT way.
After octroi is scrapped, traders' wagons will not be inspected at check posts. But the relief that octroi's removal would have brought has been diluted already by the introduction of LBT. Traders and businessmen in the state have shut their shops and establishments because of this tax.
Traders have two key objections to LBT:
First, they do not want the responsibility of computing their own tax liability because that would mean additional expenses for them.
Second, they say they are already pay Value Added Tax, or VAT, and LBT will expose them to the perils of double taxation.
MORE INFO:
https://www.dnaindia.com/mumbai/1831478/report-what-is-local-body-tax
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
