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
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)
(902 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
Recent Topics
- Eway Bill Address
- What is tds12
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
