Saturday, June 22, 2013

Exemption for Exporters

What are the benefits provided for exporters in this newly introduced LBT(Local Body Tax) law?

Simple Answer:
The main benefit which is introduced by this new law is that exporter of goods i.e. exporting of goods outside India now will be exempt from payment of LBT. This is the incentive government is giving for exporters to increase the foreign currency remittances.
Earlier in Octroi the exporters used to pay taxes on good imported into the city (LBT area), but
now on no need to pay LBT at the time of importation of goods if the goods shall be exported outside India within 6 months of importation within City.