Lbt

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 January 2014 1.WHAT IS LBT IN MAHARASHTRA.?
2.HOW IT IS ACCOUNTED IN BOOKS LIKE IN PURCHASE SELLS PAYMENT ETC.?

THANKS IN ADVANCE EXPERTS

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 January 2014 LBT is "tax on the entry of goods into a local area for consumption, use or sale therein"

LBT rates vary from municipality to municipality. So it would be different in Pune and different in Navi Mumbai. So for rates, you need to check with relevant municipality.

for accounting for LBT, please refer

http://lbtthane.blogspot.in/2013/07/accounting-entries-for-lbt.html

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2014 and sir what about its challans and returns..?? how it is generatered and filled...

Nikhil Kaushik

Nikhil Kaushik (Expert)
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02 January 2014 please refer (this is in reference to Pune Municipal Corporation) http://203.129.224.90:8080/PMCLBT/Templates/How%20to%20Pay%20LBT%20Tax.pdf

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