Lbt

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bharat

bharat (Querist)
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24 September 2013 Dear All, Can anyone provide me details expanation of LBT(local body tax)...plz its urgent plz

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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24 September 2013 Local Body Tax
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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

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