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Local Body Tax and its impact
Get PDFLocal Body Tax, popularly known by its abbreviation LBT. The tax imposed by the local civil bodies of India on the entry of goods into a local area for consumption, use or sale. The tax is imposed on 52 of the State List from the Schedule VII of the Constitution of India. which says; "Taxes on the entry of goods into a local area for consumption, use or sale therein." Trader pay taxes to the civic bodies and the rules and regulations of these change from state to state within India .LBT means Taxes on the entry goods into a local area for consumption, use or sale therein .Most of the state governments withdraw octroi about Six years ago when the (VAT) Value Added Tax was introduced. However, barring a same small cities, Octroi is collected in more cities of Maharashtra, such as Mumbai-Pune. The State Government has announced that octroi will be ended from most of the municipal corporations by April 2013 and LBT will be introduced
