The dealers and traders not issuing original bills to customers have started to face the music. The Nagpur Municipal Corporation (NMC) has conducted raids on seven dealers in last three days for local body tax (LBT) evasion and not issuing original bills to customers. NMC's LBT department has also warned businessmen eligible under LBT norms to avoid violations of the rules.The department's team led by assistant commissioner (LBT)...
Tuesday, December 31, 2013
Tuesday, December 24, 2013
NMC to seek govt's view on LBT exemption for export units
The Nashik Municipal Corporation (NMC) has decided to seek government's guidance on exempting export oriented units (EOUs) in the limits of the municipal corporation from the local body tax (LBT). The civic body sent a letter to the state government in this regard.There are around 20 EOUs within the NMC's jurisdiction. Industrial associations such as Nashik Industries and Manufacturers' Association (NIMA) and Ambad Industries...
Friday, December 20, 2013
LBT Raid on 2 Shops in Mall
The Thane Municipal Corporation (TMC)'s local body tax (LBT) officials have now started cracking the whip on defaulters from shops located in malls across the city. They have so far conducted raids on shops located in old market areas of Thane.On Friday, LBT officials, led by deputy municipal commissioner Dilip Dhole, conducted a raid on showrooms belonging to multi-national brands like Adidas and Reebok stores at two of Thane's...
Friday, December 13, 2013
Godown Queries
This post shall discuss and attempt to solve all the queries relating to LBT (Local Body Tax) in case a person has a Godown in a Non LBT area but purchase bill contains address of main office, which is in LBT area.
When I say "LBT area" I mean within city limits where LBT is applicable.
Q - Whether LBT is payable if Address of bill is of Main Office, but goods delivered to Godown?
A - No, LBT is not payable. LBT is payable...
Tuesday, December 10, 2013
Revised Local Body Tax proposal
Revised Local Body Tax proposal to be sent to state govt
The Navi Mumbai Municipal Corporation (NMMC) will submit the draft of the revised Local Body Tax (LBT) to the state government in three weeks for its approval."After discussing the existing tax structure with the traders' community and other concerned parties, the civic body's tax (cess) department has prepared a revised LBT proposal which has reduced a certain slab of...
Friday, December 6, 2013
New LBT Rates for Thane
LBT Rates for thane has changed. (Rates Scanned copy below)
The new LBT Rate schedule makes amendments for many goods or category of goods. For example -
Charcoal and Badami Charcoal
Cotton
Ice including dry ice.
Industrial inputs and packing materials
Desi Ghee, Loni, All kind of fats
Iron and steel,
News print
Articles of personal wear, clothing accessories, 3.50%
made up textile articles
goods of wool & silk cloth
Spices...
Friday, November 22, 2013
I am Back
Hi Visitors,
I am back from my exam leave. [In case you have joined this blog late - I was on my CA Final Exam leave so there was no reply to answers or any post for 3 months]
So, here are some of the things which happened when I was at leave
Some corporations have updated their LBT schedules (shall soon be posting all the new schedules)
Builders payment scheme has been finalized by most corporations as to how will the area...
Monday, October 14, 2013
Important Information for Thane Builders
As per internal advisory letter of Thane Municipal Corporation (TMC) which we have come across, all builders and developers opting for "Lump Sum Payment Scheme" have to pay their LBT liability on or before 20th October, 2013. Payment made after this date will attract 14% interest (2% per month from April to October).
So, Visitors of this blog are advised in their own interest to expedite the payment of LBT. For payment calculations...
Tuesday, October 8, 2013
LBT Seminar by MCHI
A seminar was organised by MCHI (Maharashtra Chambers of Housing Industry) on 25th September, 2013 at Tip Top Plaza, Thane.
CA Ashok Madrecha (A Practicing CA from Thane) & Adarsh Madrecha delivered lecture on LBT (Local Body Tax) from builder’s perspective....
Wednesday, September 25, 2013
LBT chared by Builder, Whether Right?
I have received many questions and queries regarding whether builders are allowed to charge extra LBT over and above the consideration for the house/ shop.I had also explained this previously through comments on this post, but not so in detail, considering that many customers are being harassed by the builders by charging extra LBT over and above the agreement value, it become important that we all understand what is right and...
Tuesday, September 24, 2013
LBT Marathi Article
This article is shared by +Kishor Lulla for viewers of this blog
This (below )article was published in Phudhari ...
Monday, August 26, 2013
New group for LBT discussion
I have created a new group on "Google Group" for discussion on matters related to LBT implementation, Registration, Explanation and interpretation of LBT Laws. More importantly also Rates discussion.
Visit - http://groups.google.com/group/local-body-tax.
Group embedded below
This group is kept open for all public to view. But only members can post and reply to the discussion. If you have already subscribed to the blog you...
Thursday, August 1, 2013
Exam Leave
Hi Visitors and users of this blog on Local Body Tax (LBT)
There shall be no posting of any updates on this blog starting from 1st August 2013 to 25th November 2013, as I shall be on Exam Leave.
I seek your blessings for my CA Final Nov 2013 attempt and also like to thank subscribers, Visitors of this blog for their comments, Questions, Suggestions which helped in making this blog more useful and informative.
As a Thanks...
Tuesday, July 23, 2013
LBT Postponed in Mumbai
In a major relief to the trader community in the city, chief minister Prithviraj Chavan on Monday reiterated that the government will not introduce the Local Body Tax (LBT) in Mumbai from October 1.
Earlier, the government had set October 1 as the deadline...
Sunday, July 21, 2013
Updated Links
I received request to have listed all the municipal corporations website's LBT (Local Body Tax) page. So accordingly the websites list has been complied and available on "All About LBT" Page.
Click here for Municipal Corporation LBT Dept Page
Also the Challans section of "Download" Page has been updated. Some of the corporation have made it mandatory to use serial numbered challans, hence the challan has to be purchased...
Calculating the limit of turnover
Rule 4 – Calculating the limit of turnover for liability for registration.
1. For the purpose of calculating the limits of turnover for liability for registration,-(a) except as otherwise expressly provided, the turnover of all sales or, as the case may be, the turnover of all purchases, shall be taken into account whether...
Saturday, July 20, 2013
The limits of turnover for registration
Rule 3 – The limits of turnover for registration.
1 1. The limits for registration shall be,-
(a) in the case of a dealer, who is an
importer and the value of all the goods imported by him during the year is not
less than Rs. 1,00,000.
(b) in any other case, including the case where a dealer has not become
liable to pay local body tax under clause (a), and the turnover of all ...
Wednesday, July 17, 2013
Tuesday, July 16, 2013
Registration (Vedio)
Do you some times feel that it would be nice to have animation to make you understand the boring Rules and Regulations? So, here is your wish come true.
Watch this video on LBT Registration and get to know new provisions of Registration in Local Body Tax as updated by LBT Rules 2013.
...
Thursday, July 11, 2013
LBT Bare Rules - 2013
Launching a new book on Local Body Tax by Adi Publication - LBT Bare Rules 2013 (3rd Edition). This is first book to incorporate amendments made by LBT notification dated 20th June, 2013.
This E-Book shall be very useful to LBT Consultants, Lawyers,...
Wednesday, July 10, 2013
LBT Bare Rules 2010
Today launching a new book on Local Body Tax - "LBT Bare Rules". Enough of the bad formatted, difficult to read Rules which are available at the corporations website. This new book shall be updated from time to time and to enable the users of this book to...
Tuesday, July 9, 2013
LBT Bare Rules (Coming Soon)
The Local Body Tax Rules which are available on the net at various municipal corporation websites are outdated, even if you find the LBT Rules 2012 or 2013 these contains only the LBT amendments and thus making reading and understanding these already complicated...
Monday, July 8, 2013
No checks, transit inspection at entry points
No checks, transit inspection at entry points for traders under LBT This Will Help Bring In Transparency In The Tax Net
In accordance with the state government's amended notification, transit inspection, obstruction of vehicles, checking of goods, detaining the occupants on road have become a thing of past. The concerned urban development department (UDD) of the state government held back the power to sanction such...
Saturday, July 6, 2013
Accounting Entries for LBT
I received some questions for what will be the accounting entries for recording LBT transactions in Tally or other accounting software.
There can be two ways to account for (depending upon how much time and human resources you have for accounting.
1st Way - (Easy)
Take total of all purchases (including VAT, Excise), deduct the purchases on which LBT is not applicable. This shall give you the amount of taxable purchases....
Wednesday, July 3, 2013
Suggestions for LBT Changes
The following are the Suggestions for changes in LBT Law
The implementation of LBT should be given to VAT authorities. All the provisions of MVAT should be made applicable to LBT. By this, assessment by two authorities will be avoided.
For proper implementation of LBT, there should be a district level committee of trading Organizations, Tax Associations and consumer bodies under the chairmanship of Commissioner who should discuss...
Changes in LBT Rules 2013
As posted earlier - LBT Rules 2013 Passed.
The following are the important changes in LBT Rules 2010 made by LBT Rules 2013. The changes in registration limits, refund procedure shall now be posted fresh after the changes made, so stay tuned to the website.
Registration limits increased, earlier imported importing goods more than 5000 was liable for registration, now limit increased to 1,00,000.
Dealers can now...
LBT Rules 2013 Passed
The LBT Rules 2013 which were in the draft form since april 25th, 2013 have been finally passed. The Rules have many changes from the draft which was prepared before. Full details about rules shall be soon posted on this website.
LBT Rules ...
Friday, June 28, 2013
LBT on Job Work - Explained
Let me explain this with diagrams. The job worker can be in LBT area or Outside LBT area. This gives us 2 situations.
In this case the job worker is situated outside LBT area and hence goods are sent outside city for processing. The goods cross border...
Monday, June 24, 2013
90% Refund
Question:
What are the conditions to be satisfied for claming exemption for export outside city?
What things are to be fulfilled for claiming 90% refund?
Simple Answer:
First of all, let's understand what we are discussing. When the dealer bins in goods into the city limits i.e. into LBT area he has to pay tax on the entry know as LBT. Now if the dealer for any reason wants to ae these goods outside city and sell it over there...
Saturday, June 22, 2013
Exemption for Exporters
Question:
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...
Commenting Rules
Due to increasing user traffic and comments it has become essential that this blog which has become a central source of discussion on LBT have some rules for commenting which shall ensure that the visitors of the site get's a information related to their query at one place and helps in good discussion.
The following Rues have to be compulsorily followed
No posting of links to other website
No use of offensive language
No questions...
Thursday, June 20, 2013
LBT Interview
An Interview broadcasted on local TV news channel in Thane.
TV Interview of both the authors of the book on LB...
Inviting LBT Consultants
We are
inviting profile from LBT consultants (Advocates, Tax Consultants,
Chartered Accountants, etc) from all over Maharashtra to establish a
State wide service network in the field of Local Body Tax.
The areas we are focusing on-
LBT Consultant in Nashik
LBT Consultant in Aurangabad
LBT Consultant in Kolhapur
LBT Consultant in Akola
LBT Consultant in Ahmednagar
LBT Consultant in Amarawati
LBT Consultant...
Wednesday, June 19, 2013
LBT Payment Challan
Below is the download link for downloading the challan for payment of LBT.
Download LBT Payment Challan...
Tuesday, June 18, 2013
LBT Seminar at Bhiwandi
A Seminar organised by Study Circle of Institute of Chartered Accountant of India (ICAI) jointly with Tax Practitioners Association at Bhiwandi (Dist. Thane).
LBT Seminar Invitation...
Sunday, June 16, 2013
Non Dealer Registration
Question
Do I have to get registered even If I am not a dealer?
Simple Answer
Yes you will have to get registered if you are into the business or providing services i.e. a professional. This is subject to the limits. The limits are as below.
Purchases or Sale (of Taxable goods) >= 5000
Purchases (of All goods) >= 4,00,000
But if you are purchasing the goods and importing the goods and not having any...
Deemed Registration
Question
What is Deemed Registration?
Simple Answer
All VAT dealers registered in the municipal corporation are considered as deemed registered for LBT. The address on VAT certificate is important for considering whether the dealer is deemed registered or not. Even if main address in the certificate does not fall within the City (LBT Area) Limits, check if the additional place of business listed in VAT certificate falls or...
Launching LBT Questions
As we all are aware that Local Body Tax is a new Taxation topic, so there are many issues which are not clear. Apart from those there are many questions in mind which are not answered by reading the LBT Rules just once. These questions require lot...
Wednesday, June 12, 2013
LBT Rate - Navi Mumbai, 2013
Here is the Rates Schedule for Local Body Tax Calculation and Payment.
Download Navi Mumbai LBT Rates (Mirror 1)
To know how to download the file Click her...
LBT Rate - Nagpur 2013
Here is the Rates Schedule for Local Body Tax Calculation and Payment.
Download Nagpur LBT Rates (Mirror 1)
Update (17th July 2013): The NMC has updated the Nagpur LBT Schedule.
The Updated list Nagpur LBT Rates Here.
This notification issued on 6th July 2013
To know how to download the file Click her...
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