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?
3 Replies
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)
(512 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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