Local Body Tax: June 2013

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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 of city 2 times, so we need to study what are the implications at the each Entry and Exit. While sending good there is no levy of LBT as it is only on Entry of Goods into the city. When the goods are received after processing there is levy of LBT. If there were on provision of Rule 28 for this then the LBT had to be paid on whole of the value of goods imported. But since there is Rule 28, we need to pay LBT on only the value addition of the goods i.e. only on the amount of processing charges. Here for example the goods were sent for painting then only on the painting charges. However this exemption for paying LBT on the value addition is subject to below mentioned conditions which are required to be fulfilled.

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 and not in this cit of import then he will again have to pay LBT in the next city of importation. This cases the incidence of taxes to magnify and thus increasing burden on ultimate consumers. For this purpose there is an exemption of 90%.

The dealer exporting goods out of the city shall get 90% refund of the amount of LBT already paid at the time of Export.

The following conditions have to be fullfilled to claim this refund

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 on good imported into the city (LBT area), but

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 regarding rate of a particular product.
Post your query / suggestions in a post which is relevant to your posting. (You can use search box below to search the post where your question fits to be posted)

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 LBT.

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 in Bhiwandi-Nizampur
LBT Consultant in Kalyan-Dombivali
LBT Consultant in Latur
LBT Consultant in Malegaon
LBT Consultant in Mira-Bhayandar
LBT Consultant in Nagpur
LBT Consultant in Nanded-Waghala
LBT Consultant in Navi Mumbai
LBT Consultant in Pimpri-Chinchwad
LBT Consultant in Pune
LBT Consultant in Solapur
LBT Consultant in Ulhasnagar
LBT Consultant in Vasai - Virar

Interested consultants may send their profile with full details including

Name
Address

Wednesday, June 19, 2013

LBT Payment Challan

Below is the download link for downloading the challan for payment of LBT.

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 type of business or professional activities in the city then you are not liable to registration.

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 not. Thus if any address in the VAT certificate falls within the corporation limits the delar shall be considered to be deemed registered.

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 of analysis and in-depth knowledge of the subject.

LBT questions

LBT Questions Logo

I am already flooded with any questions regarding many aspects of LBT which Visitors of this site has asked through "Contact Me" Page. But those are being repeated again and again by many. So instead of replying them personally I am from today starting "LBT Questions" page. Where I shall put up all questions which have already been asked or those questions which I feel shall be alter or sooner be asked by someone.

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 here

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 here

LBT Rate - Kalyan Dombivali 2013

Here is the Rates Schedule for Local Body Tax Calculation and Payment.

Download Kalyan Dombivali LBT Rates (Mirror 1)

To know how to download the file Click here

Friday, June 7, 2013

Inviting LBT Consultants

We invite 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.

Interested consultants may send their profile with full details including

Name
Address
Area of Operation (Eg- VAT, Income tax, Service tax, Octroi)
Number of years Experience
Staff Strength
Office premises - Whether rented or owned?
Include a brief note on your Client's profile

Pls send your profile at - jainam4all@gmail.com at the earliest.

- Siddhachal Share Consultants Pvt. Ltd.
Thane (Mumbai)

Sunday, June 2, 2013

Book on Local Body Tax

Your wishes fulfilled, a one PDF file for all about LBT. A reference and guiding book on LBT for LBT consultants, Traders, Manufacturers, Advocates, Chartered Accountants and for any one who want's to know about Local Body tax in Depth.

It covers LBT from BPMC Act, LBT rules 2010, LBT Rules 2012, LBT Rules 2013 and even LBT rates from various Municipal Corporations - Navi Mumbai, Pune, Nagpur, Thane, Kolhapur, Kalyan - Dombivali, Pimpri- Chinchwad.

Cover page of book - Local Body Tax (All that you need to know about LBT)

Payment for Book on LBT

Purchase E-Books on LBT

LBT - All that you need to know about LBT (1st Edition) = Rs 100
LBT Bare Rules 2013 (3rd Edition) = Rs 100
LBT Bare Rules 2012 (2nd Edition) = Rs 50

25% of revenue shall go to Charity.

Field	Details
IFSC Code:	TJSB0000007
Account Number:	29631
Name:	Adarsh Ashok Madrecha
Bank:	Thane Janata Sahakari Bank Ltd
Branch:	Vartak Nagar Branch
MICR code:	400109007
City:	Thane
District:	Thane
State:	Maharashtra
Address:	Laxmi Industrial Complex, Vartak Nagar Naka, Thane(W)-400606

TO KNOW MORE ABOUT LBT BOOK 1st EDITION CLICK HERE

What is Ebook?

Soon I am going to launch a E-Book on LBT. So the question is "What is a E-book?" and "How will I access the book?"

The LBT book will be on Google's Drive. When you purchase the book, your email Id will be added to the list of person's who can view book. So, it will be a prerequisite to have a "Gmail" account for viewing the book. If you already have one then you don't have anyting to do to view the book, just puchas eit and then login into gmail as usual and click on "View Book" on this Page. This email Id will be like "yourname@gmail.com"

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