When ever there is a change in the taxation framework, the businessmen needs to bring in changes in their business systems. LBT too comes with changes which are required to be made. I have grouped changes into 2 partsThis post shall be discussing what all changes required to be made in billing System. There are 2 changes to be made
If you have seen a VAT bill, you must be familiar with the wordings "I/We here by certify that my/our ..... shall be paid" this statement is compulsory to be written on every VAT bill, similar to this statement, there will be a new statement which will have to be printed on the bill for LBT Rules compliance.
Below is the statement which is required to be mentioned.
"I/we hereby certify that my/our registration certificate under these rules is in force on the date on which the sale of the goods specified in this bill/invoice/cash memorandum, is made by me/us and that the transaction of sale covered by this bill/invoice/cash memorandum, has been effected by me/us in the course of my/our business."
2. LBT Number
You need to mention your LBT number on each and every bill you make. This is important as this will enable the department to identify from where the goods are purchased. For instance if a person from thane purchase goods from thane itself then he does not need to pay LBT, but he has to prove that goods were purchased from thane. If the purchase bill contains LBT number of thane then it is by default proved that goods are purchased from thane only.
An sample LBT no will be as below
This number including the initials "TMC-LBT-" needs to be printed. Since you might have already printed the bills if maintaining bill book then you should get a rubber stamp of LBT number and the above statement.
To receive more such articles, News on LBT straight to your inbox, please enter your email address below. (This service is automated by Google, so don't worry about spam as I would not even come to now of your Email)