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What is LBT (Local Body Tax) ?
LBT (Local Body Tax)  on the entry of goods into a local area for consumption, use or sale therin

Who is liable for LBT (Local Body Tax) ?
Any transaction in connection with, or incident or ancillary to such trade, commerce, profession, consumption, manufacture, adventure or concern

Do I have to Register ? 99.99 % Yes, depending upon corporation your business is located, each have a different turnover limit 

a) In the case of a dealer, who is an importer and whose turnover of sales or the turnover of purchases of goods specified in ‘Schedule A’,during a year , is not less than Rs.5000/-, and the value of all the goods imported by him during such year is not less than Rs.5000/-, and the turnover of all his sales or the turnover of all his purchases during nsuch year , is not less than Rs.1,00,00

b) In any other case including the where a dealer has not become liable to pay local body tax under clause (a), and the turnover of goods specified in schedule A, in a year, is not less than Rs. 5000/- and the turnover of all his sales or the turnover of all his purchase during such year , is not less than 1,50,00

Is it better than octrai

Yes, if you are an honest businessman, you have to pay tax after end of month compare to paying tax immediately in octrai regime.

Who decide amount of tax

The  It is a self assessment or account based method of paying local tax, where the businessmen or trader himself declares his tax liability.

When to get registration

Very low limit and it covers almost all persons including small kirana store.

 Documents and Papers to be submitted along with the Application Form

Why LBT is superior than octrai

It is a transparent system and very low harassment if you can keep your books systematically . Very ideal system for honest business.

Why LBT should not be added to VAT

If LBT would be added to VAT, it would amount to additional burdens on villagers.

What forms are required to be made every month

Calculation of LBT is as simple as calculation of VAT.