The starting point for any taxation law is Registration.
So, let's understand what we have for LBT, before I say in my simple language let's hear what Section 3 says about registration.
Section 3 : The limits of turnover for registration.-
(1) The limits of turnover for registration shall be,-
(a) in the case of a dealer, who is an importer and whose turnover of sales or the turnover of purchases of goods specified in Schedule A, during a year, is not less than Rs.5000/-, and the value of all the goods imported by him during such year is not less than Rs.5,000/-, and the turnover of all his sales or the turnover of all his purchases during such year, is not less than Rs. 1,00,000.
(b) in any other case, including the case where a dealer has not become liable to pay local body tax under clause (a), and the turnover of purchases of goods specified in schedule A, in a year, is not less than Rs. 5000, and the turnover of all his sales. or the turnover of all his purchases during such year, is not less that Rs. 1,50,000.
For explanation of Rule 3(1) click here
(2) Notwithstanding anything contained in sub-rule (1), if a dealer or a person not carrying on a particular business in the City on a regular basis, carries on business in the City in any year on a temporary basis, then he shall be liable for temporary registration under the provisions of the Act and these rules, whether or not he is liable under sub-rule (1) of this rule.
After getting over whelmed by the wordings of the act now let us understand what it has to say
Also See : Other points for Registration
Also See : Online Registration of LBT
So, let's understand what we have for LBT, before I say in my simple language let's hear what Section 3 says about registration.
Section 3 : The limits of turnover for registration.-
(1) The limits of turnover for registration shall be,-
(a) in the case of a dealer, who is an importer and whose turnover of sales or the turnover of purchases of goods specified in Schedule A, during a year, is not less than Rs.5000/-, and the value of all the goods imported by him during such year is not less than Rs.5,000/-, and the turnover of all his sales or the turnover of all his purchases during such year, is not less than Rs. 1,00,000.
(b) in any other case, including the case where a dealer has not become liable to pay local body tax under clause (a), and the turnover of purchases of goods specified in schedule A, in a year, is not less than Rs. 5000, and the turnover of all his sales. or the turnover of all his purchases during such year, is not less that Rs. 1,50,000.
For explanation of Rule 3(1) click here
(2) Notwithstanding anything contained in sub-rule (1), if a dealer or a person not carrying on a particular business in the City on a regular basis, carries on business in the City in any year on a temporary basis, then he shall be liable for temporary registration under the provisions of the Act and these rules, whether or not he is liable under sub-rule (1) of this rule.
After getting over whelmed by the wordings of the act now let us understand what it has to say
Rule
|
Class of Dealer
|
Taxable Turnover during year (of goods specified in Sch. A)
|
Total Turnover (Taxable as well as Tax Free) during year
(of all sales OR of all Purchases)
|
Additional conditions
|
| 3(1)(a) | Importer[1] | Sales>= Rs.5000
OR
purchases >=Rs.5000 |
>=Rs.1,00,000 | Value of all imports(taxable or tax free) during the year>=Rs.5000 |
| 3(1)(b) | Any other | Purchases >=Rs.5000 | >=Rs.1,50,000 | - |
| 3(2) | Temporary | - | - |
Carrying on business in city in any year on a temporary basis.
|
Also See : Other points for Registration
Also See : Online Registration of LBT
