Tuesday 24 September 2013

LBT CONSULTANT Amit shah & co.


LBT is the tax on entry of goods for use / consumption within areas of the local civic bodies. It is a self assessment or account based method of paying local tax, where the businessmen or trader himself declares his tax liability. Unlike in the octroi regime, trucks carrying goods will not be subjected to physical checking. .

Definitions & some Important Terminologies (related to LBT)

Goods: As per section 2(25) of the Act, “goods” includes animals. It also includes goods of intangible or incorporeal nature. Any goods imported or bought into city limits of a corporation by way of purchase, stock transfer,and job work or by gift for consumption, use or sale will be subject to levy of LBT.

Dealer: As per section 2(16A) of the Act, dealer means any person who whether for commission, remuneration or otherwise imports, buys or sells any goods in the city for the purpose of his business or in connection with or incidental to his business and shall include auctioneer, broker,commission agent, factor, society, club, central government, state government;From reading the definitions of goods, dealer and business, which interprets in my view that the professionals like lawyers, doctors,Chartered Accountants, architect, etc. are also covered under the ambit of LBT.Exception in the definition of dealer: Any individuals who imports goods for his exclusive consumption or use and a department of State & Central Government not engaged in business shall not be a dealer.

Business: As per section 2(5A) of the Act, business to “include –
a) Any trade, commerce, profession, consumption or manufacture or any adventure or concern in the nature of trade, commerce,profession, consumption or manufacture whether or not such trade,commerce, profession, consumption, manufacture, adventure orconcern is carried on with a motive to make, gain or profit and whether or not any gain or profit accrues from such trade,commerce, profession, consumption, manufacture, adventure or concern and whether or not there is any volume, frequency,continuity or regularity in such trade, commerce, profession,consumption, manufacture, adventure or concern.
b) Any transaction in connection with, or incidental or ancillary to,such trade, commerce, profession, consumption, manufacture,adventure or concern.
c) Any occasional transaction in the nature of such trade, commerce,profession, consumption, manufacture, adventure or concern involving import, purchase or sale of goods in the city.
d) Any transaction in connection with, or incidental or ancillary to the commencement or closure of such trade, commerce, profession,consumption, manufacture, adventure or concern. GBCA MAHARASHTRA LOCAL BODY TAX (M-LBT)

• Import: Import is not defined under the Act or the Rules. Import means when the goods are bought within the city limits of a corporation by way of purchase or otherwise.• Export: Export is also not defined under the Act or the Rules. Export means when the goods are moved outside the city limits of a corporation by way of sales or otherwise.

• Schedule “A”: Schedule “A” means a schedule as notified by the state government in the official gazette enumerating goods on which and the rates at which LBT is leviable. This is the schedule of Taxable goods.

• Schedule “B”: Schedule “B” means a schedule as notified by the state government in the official gazette enumerating goods on which no LBT is leviable. This is the schedule of Tax Free goods.

• Taxable Value: Taxable value in case of purchases means Invoice value, in case of imports (not on account of purchases) means value as per Excise Invoice, in case of goods sent outside and brought back after processing the value addition evidenced by invoice for labour charges.



Welcome to the Mahalbt blog, here you will get all your queries answered about LBT, get daily updated news regarding LBT. 

News Group

Latest News About LBT


  •          LBT Traders in Mumbai withdraw stir against LBT
  •          LBT Traders said that more than 2 lakh small farmers are expected to be benefited      with revised rules.


Sunday 22 September 2013

List of Cities in Maharashtra Covered under LBT

Out of 26 Municipal Corporations in Maharashtra, 25 Municipal Corporations have implemented LBT

Following is list of cities:-

Thane
Bhiwandi-Nijampur
Kalyan Dombivali
Mira Bhayander
Navi Mumbai
Ullhasnagar
Nashik
Kolhapur
Pune
PCMC
Solapur
Nagpur
Aurangabad
Nanded
Akola
Sangli-Miraj-Kupwad
Malegaon
Dhule
Parbhani
Latur
Ahmadnagar
Vasai Virar
Chandrapur
Jalgaon
Amravati