Good news for traders who are baffling with LBT.
122nd Constitution Amendment Bill for GST is tabled in parliament. This bill shall lay foundation for GST, as it shall make changes in taxation lists i.e. - Union, State, Concurrent list to provide for a unified single indirect taxation.
Below is a excerpt from 122nd Constitution Amendment Bill
122nd Constitution Amendment Bill copy can be downloaded from IndirectTaxIn.blogspot.com
Maharashtra govt had earlier stated that LBT cannot be abolished untill GST is implemented.
For complete list of taxes that will be substituted by GST click here
122nd Constitution Amendment Bill for GST is tabled in parliament. This bill shall lay foundation for GST, as it shall make changes in taxation lists i.e. - Union, State, Concurrent list to provide for a unified single indirect taxation.
The list of taxes which shall be subsumed in GST now officially contains all types of Entry Taxes. Hence, LBT will now be gone once GST will be in effect from 1st April 2016.
Below is a excerpt from 122nd Constitution Amendment Bill
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| Excerpt from 122nd Constitution Amendment Bill |
122nd Constitution Amendment Bill copy can be downloaded from IndirectTaxIn.blogspot.com
Maharashtra govt had earlier stated that LBT cannot be abolished untill GST is implemented.
For complete list of taxes that will be substituted by GST click here
