Thursday, May 2, 2013

Section 2(31A) - LBT Defined

As per Section 2 subsection 31A of "Maharashtra Municipal Corporations Act" LBT is defined as below

"Local Body Tax" means a tax on the entry of goods into the limits of the City, for consumption, use or sale therein, levied in accordance the the provisions of Chapter XIB, but does not include cess as defined in clause (6A) and octroi as defined in clause (42)


This means that this new Tax - LBT can be imposed on GOODS only.
That too only on Entry within limits of City.

Purpose of entering into city can be
> Consumption
> Use
> Sale.

LBT is not same as Cess and Octroi, this is altogether a new Tax

Also See : other Definitions related to LBT