Hello Friend,
How Lbt Different from Octroi??? & Whts d difference between them???
5 Replies
Paresh Dholu
(Chartered Accountants)
(393 Points)
Replied 02 June 2013
I also want to know same thing.
work is worship
(Service)
(2728 Points)
Replied 02 June 2013
What is LBT?
LBT , Local Body Tax is the tax on entry of goods for use / consumption within areas of the local civic bodies. It is a self assessment or account based method of paying local tax, where the businessmen or trader himself declares his tax liability. Unlike in the octroi regime, trucks carrying goods will not be subjected to physical checking at the check post
It works differently from the octroi system. Traders have to compile a list of all goods procured within the month, feed the matter into the software provided by the civic body to check their LBT liability. They have to make payment once every 40 days using online portals, cheque, demand draft or cash through a designated bank or counters of the civic bodies.
Sumit Garg
(N)
(64 Points)
Replied 02 June 2013
That means lbt is paid through self assessment not at the time of entry of goods????
CA Poojit Khajuria
(Practice)
(99 Points)
Replied 04 June 2013
Unlike in the octroi regime, trucks carrying goods will not be subjected to physical checking at the check post
This is not true. There are LBT posts at the point of entry in the city. They also check all the invoices for the truck carrying goods. So the actual system is different from what it should be.
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