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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