Starting GST Study Group

Hello Friends, LBT Consultants,Visitors (Please read below only if you live in and around thane, as this post only applies to them) There is a new career opportunity developing for all aspirational CA, CS, lawyers or who already are CA, CS, lawyers..The...

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LBT shall go when GST Comes - Now it's official

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...

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LBT is like - Crushed Sugarcane without Juice

Thoughts by +Kishor Lulla  It is true that one cannot break the law, irrespective of his or her position or influence, and if it is broken, one should be held responsible for it, and for that purpose, one could be punished in connection with severity...

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LBT Solutions More Draconian: Traders

No end in sight to local tax issue as alternatives  - turnover & entry tax cut no ice with biz-men Maharashtra Chief Minister Devendra Fadnavis' effort to find a compromise solution to the local body tax (LBT) seems to have again run into a wall...

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LBT to Stay till GST is implemented

The BJP in Maharashtra had declared before the assembly elections in the state that Local Body Tax or LBT would be removed if they came to power in the state, however now it's clear that despite ·the BJP taking charge of the government it will not be removed....

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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...

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Solution to LBT Problem

Now that we are sure with whose government is going to form in Maharashtra, we can expect some solution to LBT (Local Body Tax) Problem.  Maharashtra designate CM Devendra Fadnavis, at a rally Maharashtra Election rally addressing Traders on LBT...

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New revamped Site

Hello my friend Visitors, Taking a cue from +Narendra Modi Ji clean up drive, Have cleaned up Local Body Tax Blog to more cleaner and modern look. Inspiration from PM for Cleaning this blog I hope all shall enjoy this new look. Now website loads...

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Developments in September 2014

This is the list of what all developments happened around LBT in August 2014. I had started last month to post all LBT news updates on a monthly basis, were in one page get all news about Local Body Tax. List of the news covered in this month news update Nagpur...

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Continued Focus on LBT

Since the news of LBT being scraped, the blog was put on a backtrack as far as updation is considered. But now it has been over couple of months of speculation about LBT's face, still now there is NO firm news as to "Whether LBT will stay or Scraped?" I...

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New LBT rate for Thane from 16th August 2014

Thane Municipal corporation has appended LBT Rate Schedule for thane. Government of Maharashtra considers it expedient to revise the rates of Local Body Tax on entry of various categories of goods into the limits of the City for consumption, use or sale...

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Developments in August 2014

This is the list of what all developments happened around LBT in August 2014. Starting this month, we shall have monthly post of all the news about LBT, Were in one page get all news about Local Body Tax.  Munucipal Corporations hope that collection...

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Cleared CA Final - Thanks for blessings

With proud and humble I thank my all visitors, well wishers for all their blessings and prayers, which helped me achieve my dream. (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s);...

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New hopes from Uddhav Thackeray

Representatives of Thane and Navi Mumbai business community met Uddhav Thackeray recently, along with their counterparts from 24 other municipal corporations, on 25th July 2014, to urge him to bat for removal of the prevailing local body tax (LBT) and bring...

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Inviting Authors to new Blog on GST

Hi Friends, I welcome you all to my new blog on Goods and Service Tax (GST). Where all the News, Articles, Explanation, Discussion about new Tax "GST" shall be posted. This shall be my 3rd blog after  xbrl for Indian CA - 18,000 Visitors (As on 29th...

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Confusion Clearing : Do we still have to pay LBT?

Yesterday I attended a seminar on Changes in Taxation by Budget 2014, I was really surprised to hear a conversation between two Chartered Accountants. The surprise was more as those who were talking were CA practicing for more than a decade. [Pls don't take...

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LBT on Electricity?

The standing committee members on Saturday (20th July 2014)  took a tough stand by asking the Aurangabad Municipal Corporation (AMC) to bring supply of electricity under the ambit of Local Body Tax (LBT). Terming supply of electricity as a commercial activity, the members said the power franchisee for the city "GTL Urja" should pay the ta...

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Kolhapur (KMC) started the procedure of sealing the bank accounts

A harsh spet by KMC. The Kolhapur Municipal Corporation (KMC) started the procedure of sealing the bank accounts of 581 traders from Saturday, with a significant number of traders who still remain out of the local body tax (LBT) ambit taking a toll on the civic body's coffers.Only 16,500 traders out of the 21,000 that were handed out trading licences by the KMC have been brought under the net of Local Body Tax (LBT). The KMC...

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No entry to goods without LBT registration in Nagpur

For the first time in the last 15 months, the Nagpur Municipal Corporation (NMC) has come up with a bold decision to crack whip on the traders neglecting registration under local body tax (LBT) and also evading tax amount. From Monday, traders not having LBT registration will not be permitted to bring goods in the cit...

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New tax proposed in place of LBT

The Maharashtra government is actively considering abolishing local body tax (LBT) and octroi in the state and putting in their place a 2.5-3% surcharge on value added tax (VAT).  Chief minister Prithviraj Chavan said at an event on Tuesday that there is a strong demand for LBT's elimination. "We have no option but to go ahead with an increased VAT. We will have to make requisite changes in the law, following which the official...

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If LBT goes, vat shall increase by 3%

The Maharashtra government is actively considering abolishing local body tax (LBT) and octroi in the state and putting in their place a 2.5-3% surcharge on value added tax (VAT).  Chief minister Prithviraj Chavan said at an event on Tuesday that there is a strong demand for LBT's elimination. "We have no option but to go ahead with an increased VAT. We will have to make requisite changes in the law, following which the official...

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Is LBT really going?

LBT was again in news as there were speculations as it would be scrapped or at least merged with VAT. So, I have researched all the news relating to this to give viewers "One post read all news update" So, if you have missed anything in news regarding LBT, worry not; read below to update yourself about it. The story started with change in government at Center. With NDA getting majority seats in Maharashtra there was a clear...

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Pune LBT Annual Return Form

Download Pune LBT Annual Return Form...

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Nashik LBT Rates

Nashik Municipal Corporation imposes from 1st July 2013 onwards 1% surcharge on value of property in case of sale or gift or in case of an instrument of usufructuary mortgage. Click for Notification on this levy  LBT Rates has been revised once in 2013. Download 2013 (Amended) LBT Nashik Rates (ge.tt) Download 2013 (Amended) LBT Nashik Rates (Nashik Corporation) Download Original LBT Nashik Rates (ge.tt)  Download...

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LBT 2014 Rates for Pune

LBT Rates has been updated for 2014. Unlike other corporations, the new LBT schedule for 2014 gives rates for all the commodities and not only for the updated commodities, hence have to check only one schedule.Download LBT 2014 Pune Rates (PMC)Download LBT 2014 Pune Rates (ge.tt) To view every information about Pune LBT visit https://sites.google.com/site/mlocalbodytax/pune...

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LBT 2014 Rates for Thane

TMC has updated Rates Schedule with effect from 1st April 2014. Dowload new 2014 LBT Thane Rates Schedule (ge.tt) To See all information of LBT for Thane visit new LBT page for thane https://sites.google.com/site/mlocalbodytax/thane...

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Issues for Builders and Developers

Some of the problems faced by Builders, construction contractors and developers i.      A lot of problems may arise in case of builders and contractors as provisions and composition scheme are not clear. Detail working has to be made before selecting any method. For example – A builder is constructing a building of seven floor and above, having sanctioned 25000 sq. ft, is liable to pay Rs. 4,65,000/- @ 18.60/-...

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Answers to Question for Study

Had posted some questions on LBT for study as to test knowledge. Here are the answers to those questions. Answers contributed by +Kishor Lulla   1. A has imported goods & sold goods to B who is in corporation area. B has taken the delivery of goods (or entry of the goods by B). Who is liable to pay LBT? (S.2 (31A) ). Ans – A is liable. 2. (a). Whether software downloaded by a dealer inside corporation...

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Questions for Study

Test your Knowledge of LBT by answering to these questions.  1. A has imported goods & sold goods to B who is in corporation area. B has taken the delivery of goods (or entry of the goods by B). Who is liable to pay LBT? (S.2 (31A) ). 2. (a). Whether software downloaded by a dealer inside corporation limit which is purchased from a dealer outside corporation limit is liable to pay LBT? (S.2 (31A)). ...

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LBT Accounting now in Tally

Recently Tally updated it's most popular accounting software - Tally ERP to 4.8 version, This version among other new features incorporated LBT Accounting into the software. In this post, I shall explain how to enable this new feature in Tally and also what...

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No LBT withdrawal in State budget

Maharashtra Government disappointed taxpayers by not withdrawing LBT against which traders across State had been agitating since almost a year and although Chief Minister had assured traders that appropriate remedy would be sought shortly has failed to address this grave situation suppressing State traders from growth, which is hitting extremely hard in existing global economy slow down. J. P. Sharma, president and Tejinder...

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Blog Viewers crosses 100000

No of page views as on 02/03/2014  20:12 Thank You , to all Visitors of LBT Thane to make this blog achive 1,00,000 viewership. We are proud to announce this news, as in just 10 months we could server such a large number of visitors and taxpayers. This...

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Comparing LBT, octroi data unearths huge evasion

The Nagpur Municipal Corporation's (NMC) local body tax (LBT) department has unearthed its biggest-ever evasion case, netting a big pharmaceutical company. The department also caught an iron small scale industry for evading LBT. The two cases were unearthed by comparing data of octroi and LBT. NMC sources told TOI many big traders evading LBT are set to come under the scanner in the coming days. "LBT department led by assistant...

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NMC awaiting revision of LBT rates

The Nagpur Municipal Corporation (NMC) has asked the state government to revise the rates of local body tax (LBT) on seven products. However, the revision has been sought citing flaws in the rates schedule only. Though facing a huge revenue deficit, the civic body has not proposed revision in the rates of major products. Municipal commissioner Shyam Wardhane had sent the proposal before December end and a decision from the state...

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