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Lbt

Dixit Shah (Articleship) (286 Points)

08 May 2013

Respected Sir,

I am a Ready Made Garment MAnufacturer and I wanted to know whether Local Body Tax (LBT) is applicable to me. I also wanted to know how it is applicable.

If anyone can help me please.

Thanking You

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2 Replies

CA Mukesh Choudhari (xyz) (153 Points)
Replied 08 May 2013

1) Any trader with a turnover of purchases and sales not less than Rs5000 is liable for LBT. that means almost every one is liable 2) All the traders will have to keep a complete list of all the goods produced with a month in a software. provided be the civic body. It will check their LBT liability. The payment will have to made once in 40 days through online portals, cheque, demand draft, or cash through a designated bank or counters of the civic bodies.

vijay (Accountant) (884 Points)
Replied 27 July 2013

Yes LBT is applicable to you, if LBT has been introduced in your City

And it will be applicable on whatever purchase you made for manufacturing Garment

And LBT shall be paid on purchase value i.e. final Invoice Amount, by applying the rate applicable on the product you purchase as per the LBT rate schedule of your city