As per recent new we need to wait till 2016 when GST is implemented to get rid of Local Body Tax ( LBT). Can't there be an practical interim solution ? Do we have to contiue to pay LBT till then?
Rajeev Sharma (Others) (48 Points)
21 November 2014As per recent new we need to wait till 2016 when GST is implemented to get rid of Local Body Tax ( LBT). Can't there be an practical interim solution ? Do we have to contiue to pay LBT till then?
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 22 November 2014
Yup you will have to pay it.
it is a Revenue for your Muncipality.so till the time they get alternative source for revenue you have to continue to pay it.
K P BHANUSHALI
(PROPRIETOR)
(506 Points)
Replied 22 November 2014
Mitesh sir,
Govt has option of levying surcharge/addl surcharge on VAT all over maharashtra. They have figures of LBT collection by each and every Mun./Body. We are in Techno Savy world, MVAT's Engineers can develop/make some changes in Software, so that amt collected as SC/Addl SC can be figured out in just a click & thereby all can know the additional amount collected.
Depending on revenue loss, they can transfer that much fund to that particular Mun./Body, thereby save thousands of traders from keeping various additional records without losing revenue.
If this can happen in various other states, then why not in our Maharashtra ?
T & R
KP
CA Mitesh N Kothari
(9821662799)
(391 Points)
Replied 24 November 2014
Yup near Near future it will happen but when and how only our government can answer.
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