Is one of the taxes eliminated after implementation of GST?
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Is one of the taxes eliminated after implementation of GST?
10 min read. The Goods and Services Tax (GST), which has replaced the Central and State indirect taxes such as VAT, excise duty and service tax, was implemented from 1st July 2017. GST has eliminated the cascading effect of taxes on the economy.
What is Local Body Tax in Maharashtra?
LBT in Maharashtra. Local Body Tax (LBT) is a levy on “the entry of goods into a local area for consumption, use or sale therein”. This tax is imposed on traders by the local civic bodies of each city/town/area and are different in each place.
Is Local Body Tax applicable in Mumbai?
There is no local body tax (LBT) in Mumbai. In rural areas, the stamp duty will be reduced to 2\% from 5\% comprising 4\% stamp duty and 1\% LBT/Zilla Parishad tax, whichever was applicable there.
When was LBT abolished?
August 1, 2015
The LBT stands cancelled as of August 1, 2015 in Maharashtra for most traders….Maharashtra.
| Municipal Corporation | LBT made applicable |
|---|---|
| Nagpur | 01-04-2013 |
Is octroi still applicable after GST?
As of 1 July 2017, with the introduction of GST country-wide, the octroi has been abolished.
What is local body tax in India?
Local Body Tax (LBT Tax) is imposed by the local civic bodies of India on the entry of goods into local area for consumption or use or sale, it is to be paid by the trader to the civic body and the rules and regulations differ for different states.
What tax is collected on goods coming into the city?
As Per the Maharashtra Municipal Corporations Act, 1949 under Section 2 (31) Local Body Tax defined as the tax applied on the entry of goods into the limits of the city, for consumption, use or sale, levied in accordance with the provisions of chapter XI B, but does not include “Cess” as defined in clause (6 A) and “ …
Who is liable for LBT?
LBT is payable by the purchaser of goods bringing goods from outside Municipal Limits of a corporation. Accordingly if your dealer is not having purchases or sales in a particular city for an amount more than Rs. 50 crore in a financial year, he will not be liable to pay LBT.
Is octroi still applicable in Maharashtra?
Cities in the Indian state of Maharashtra briefly abolished octroi in 2013 and replaced it with local body tax. However, octroi was reestablished there in 2014, due to decreased revenues from the local body tax. As of 1 July 2017, with the introduction of GST country-wide, the octroi has been abolished.