Saturday, July 25, 2015

No abolition of LBT, traders with turnover of less than Rs 50 cr get exemption

Despite giving assurance of complete abolition of local body tax (LBT) in the municipal corporation area from August 1, the state government has issued a notification that has only waived off LBT for traders with an annual turnover of less than Rs 50 crore.

The tax will continue to be levied for traders with business of more than Rs 50 crore.

In a notification dated July 23, the state government said that the traders with more than Rs 50 crore of annual turnover needed to register themselves with the civic body while those with a turnover of less than Rs 50 crore should apply to civic body for removing their names from the list of taxpayers. (Notification below)

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