Friday, November 7, 2014

LBT Problem top go in 15 days

Chief minister Devendra Fadnavis has assured traders that he will find an amicable solution to the tangle over local body tax (LBT) within a fortnight.

Newspaper clipping on 5th November, 2014

At a meeting with the traders  on Wednesday, Fadnavis said his government was committed towards ensuring a transparent taxation system for them.

According to president of the Federation of Association of Merchants (FAM), which had spearheaded the agitation against LBT, Fadnavis was very positive about resolving the issue.

The traders have been demanding that octroi as well as the LBT system be scrapped, and additional cess be collected instead, based on the sales tax collection.

The latest news suggests that LBT will be collected by imposing 20% Surcharge on VAT. But the corporations still are not confident about the move. I had discussed the reasons in my last week post - Solution to LBT Problem