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:
http://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:
http://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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Sale of property furniture sale
- Applicability of Tax audit u/s 44AB of income tax act, 1961
- Question about eligibility for tax rebate u/s 87A
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- BUYING PROPERTY COULD NOT FILE 26QB
- Gst input for FY 23-24
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- GST Regis.
- IGST Credit-Show cause notice issued-confusion
Trending Online Classes
CAclubindia
