What is Local Body Tax in Maharashtra?
Local Body Tax is a tax on entry of the goods into limits of city area for consumption, use or sale therein. It is well known by its abbreviation as L.B.T. It is substitute of octroi/cess levied by the local authorities like municipal corporations.
How do I pay my Local Body Tax?
The tax must be paid by the trader via the online portals, demand draft, cheque or cash to the designated bank account or at the special counters that have been opened by the civic body. If the LBT paid goods are exported outside the city, 90% of the LBT paid can be refunded subject to certain conditions.
Is LBT applicable after GST?
The Local Body Tax has been scrapped by the implementation of Goods and Services Tax (GST) from 1st July 2017.
When was LBT abolished?
The LBT stands cancelled as of August 1, 2015 in Maharashtra for most traders.
How is LBT calculated?
Rate of LBT are between 0.50% to 8% on the value of goods purchased for consumption or sold. By multiply the rate with respected net value of goods imported in the city, you can calculate LBT of each good. By total of tax of each good, you can find total tax liability.
What do you mean by LBT?
LBT, or 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.
What is LBT code?
Local Body Tax (LBT) is a levy on “the entry of goods into a local area for consumption, use or sale therein”. This tax is imposed on traders by the local civic bodies of each city/town/area and are different in each place.
Is LBT applicable in Pune?
As per the Government of Maharashtra Notification bearing No. LBT-2013/22/UD-32, dated 25/02/2013, the government has directed Pune Municipal Corporation to collect Local Body Tax instead of Octroi in its jurisdiction from 01.04. 2013 on the goods to be imported for use, sale and consumption.