Local Body Tax (LBT) is a tax imposed by local civic bodies in India on the entry of goods into a local area for consumption, use, or sale. Any trader with an annual turnover of Rs. 5,000 or more is liable to pay LBT. Rates range from 0.1-8% depending on the goods. While octroi was previously collected at checkpoints, LBT allows traders to self-report goods brought into local areas using online software. Traders must maintain purchase records and pay LBT monthly. Exemptions and refunds are provided in some cases. Overall, proponents argue LBT provides more transparency and uniformity compared to octroi.
#GST Fundamentals for Export - Import# By SN PanigrahiSN Panigrahi, PMP
#GST Fundamentals foe Export - Import# By SN Panigrahi,
How to Start Export Business in Six Simple Steps,
What – Where & How to Export,
Understanding Basics of GST,
Understanding How GST Works,
GST is a Value Added Tax - a Multipoint Levy Tax,
GST is a Destination Based Tax,
GST : Dual Taxation System,
Four Aspects of GST,
Scope of Supply,
Composite Supply & Mixed Supply,
GST Rate Classification,
Reverse Charge Mechanism,
RCM – Import Services,
Registration under GST,
Treatment of Export & Import under GST,
Zero Rated Supply,
Exports under GST – Two Options,
Export Without Payment of Tax Under Bond / LUT (or) With Payment of IGST & Refund,
Export Documents,
Mandatory Documents Required for Export & Import,
Export Tax Invoice,
Merchant Exports,
Export Promotion Schemes,
Trade Agreements,
Export Procedure,
RFID e-Seal Based Self-sealing Procedure,
E-Waybill,
Import Duty Calculation,
Duty Drawback
Definition of Demonetisation, introduction, process to exchange demonetized currency notes, exceptions for withdrawal, reasons behind demonetisation. why demonetisation become masterstroke by PM Modi, evasion attempts after demonetisation, positive and negative effects, results and conclusion on Demonetisation.
Tax Policy Reforms with focus on VAT & GST in India - JenaChidananda Jena
Updated 80 slides training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as introduction keeping overarching taxation guides in background. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
La Ley Hipotecaria y el texto refundido de la Ley del Catastro Inmobiliario, tras su reforma por la Ley 13/2015, de 24 de junio, establecen un sistema de coordinación entre el Catastro Inmobiliario y el Registro de la Propiedad, para que éste incorpore la descripción gráfica georreferenciada de las fincas registrales, utilizando como base la cartografía catastral.
La presentación muestra las soluciones dadas a la diversa problemática encontrada en el momento de la puesta en práctica de las previsiones legislativas
Sukanya Samriddhi Yojana Calculator and Scheme details are shared in hindi. Video is based on latest RBI Circular 2019. Sukanya Samriddhi Account can be opened in Post Office and authorized Banks. It offers highest interest rate in government saving schemes and also offers tax benefits under section 80C.
#GST Fundamentals for Export - Import# By SN PanigrahiSN Panigrahi, PMP
#GST Fundamentals foe Export - Import# By SN Panigrahi,
How to Start Export Business in Six Simple Steps,
What – Where & How to Export,
Understanding Basics of GST,
Understanding How GST Works,
GST is a Value Added Tax - a Multipoint Levy Tax,
GST is a Destination Based Tax,
GST : Dual Taxation System,
Four Aspects of GST,
Scope of Supply,
Composite Supply & Mixed Supply,
GST Rate Classification,
Reverse Charge Mechanism,
RCM – Import Services,
Registration under GST,
Treatment of Export & Import under GST,
Zero Rated Supply,
Exports under GST – Two Options,
Export Without Payment of Tax Under Bond / LUT (or) With Payment of IGST & Refund,
Export Documents,
Mandatory Documents Required for Export & Import,
Export Tax Invoice,
Merchant Exports,
Export Promotion Schemes,
Trade Agreements,
Export Procedure,
RFID e-Seal Based Self-sealing Procedure,
E-Waybill,
Import Duty Calculation,
Duty Drawback
Definition of Demonetisation, introduction, process to exchange demonetized currency notes, exceptions for withdrawal, reasons behind demonetisation. why demonetisation become masterstroke by PM Modi, evasion attempts after demonetisation, positive and negative effects, results and conclusion on Demonetisation.
Tax Policy Reforms with focus on VAT & GST in India - JenaChidananda Jena
Updated 80 slides training material on Goods and Service Tax of India is designed keeping the Value Added Tax and General Sales Tax in the background. General tax reforms in major direct and indirect taxes of India are discussed as introduction keeping overarching taxation guides in background. Impact of direct taxation is analyzed with some original concepts and examples. Some of the concepts and most of the examples and computations demonstrated in VAT and GST section are also original of the author.
La Ley Hipotecaria y el texto refundido de la Ley del Catastro Inmobiliario, tras su reforma por la Ley 13/2015, de 24 de junio, establecen un sistema de coordinación entre el Catastro Inmobiliario y el Registro de la Propiedad, para que éste incorpore la descripción gráfica georreferenciada de las fincas registrales, utilizando como base la cartografía catastral.
La presentación muestra las soluciones dadas a la diversa problemática encontrada en el momento de la puesta en práctica de las previsiones legislativas
Sukanya Samriddhi Yojana Calculator and Scheme details are shared in hindi. Video is based on latest RBI Circular 2019. Sukanya Samriddhi Account can be opened in Post Office and authorized Banks. It offers highest interest rate in government saving schemes and also offers tax benefits under section 80C.
Renewed hopes on GST - Dr Sanjiv AgarwalD Murali ☆
Renewed hopes on GST - Dr Sanjiv Agarwal - Article published in Business Advisor, dated June 25, 2016 - http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/
Tweeted on www.twitter.com/BusinessAdvDM
All about GST Registration in kerala ,we framemycompany will help you register and audit your gst within days and too with a very low charge ,trust us ,call us now 7092405060.why are you waiting? click this ,this had each and every details about gst registration and it has very important details in it
Service Tax was introduced in India by the Finance Act 1994.
Service tax is the tax charged and collected by the government of India from specified service providers rendering certain specified services mentioned under section 65 of the Act.
The service provider collects it as a separate charge from service receiver.
The most common service tax that service receiver are familiar with is in restaurant and hotel bills.
The chapter consists of basics of Goods and Service Tax, Tax Invoice; Credit and Debit Notes; E-Way Bill, Procedure for Generation of E-Way Bill; Accounts and Records; Electronic Cash Ledger, Manner of Utilization of Amount in Electronic Cash Ledger, Electronic Credit Ledger-Manner of Utilization of ITC, Electronic Liability Ledger-Order of Discharge of Tax and Other Dues.
An invoice is a commercial instrument issued by a supplier of goods/services to a recipient.
In GST, all invoices issued between the date of implementation of GST and the date of issuance of GST registration certificate will have to be reissued in the form of a revised invoice and have to be raised within a month of issuance of the registration certificate.
A supplementary tax invoice is an invoice that a taxable person issues if any deficiency is found in a tax invoice already issued by the said taxable person. A supplementary invoice is also known as a debit note.
The recipient who is registered under GST has to issue a payment voucher for the transactions(goods or services) on which reverse charge is applicable to the supplier. For example Ajay cashew house registered in Delhi had purchased cashew nuts from Vikram an agriculturist for Rs 100000 in Karnataka.
Rule 55 specifies the cases where at the time of removal of goods, goods may be removed on delivery challan and invoice may be issued after delivery. Issuance of Credit Note – Section 34(1)
Issuance of Debit Note – Section 34(3)
Details of Credit Note to be furnished in return – Section 34(2)
Details of Debit Note to be furnished in return – Section 34(4)
EWay Bill is an Electronic Way bill for movement of goods to be generated on the eWay Bill Portal. A GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.
Registered Person – E-way bill must be generated when there is a movement of goods of more than Rs 50,000 in value to or from a registered person. A Registered person or the transporter may choose to generate and carry eway bill even if the value of goods is less than Rs 50,000.
e-Cash ledger indicates the amount that has been paid by the taxpayer to the government. The amount in this ledger can be used to make payment of tax, interest, liability, fees and so forth.
e-Credit ledger or electronic credit ledger is maintained in the form GST PMT-02 on the GST Portal.
This ledger helps in tracking all the Input Tax Credit (ITC) claims made by the taxpayer. However, it shall be noted that any remaining amount in the e-Credit ledger can be used in making the payment of output tax liability only. E-Liability Register will reflect the total tax liability of a taxpayer for a particular tax period.
Debit to Electronic Credit Ledger and Credit to Electronic Liability Register
THIS PRESENTATION CONTAINS THE MAJOR TOPICS WHICH ARE REQUIRED FOR UNDERSTANDING THE BUSINESS OPERATIONS WITH GST. IT COVERS PROVISIONS OF REGISTRATION, PROVISIONS OF INPUT TAX CREDIT, EXPORT RELATED AND OTHERS
Goods and Services Tax is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
It is worth mentioning here that the levy of Excise or Service Tax was not dependent on the levy of VAT/CST, as they were governed by different laws.
These are the taxes that shall be levied under the new system of GST. How this shall operate, and how can we have cross utilisation of credits can be seen in this Document.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
1. LOCAL BODY TAX
PRESENTED BY -
B h u s h a n G a n g
S h r a d d h a
C h a n d w a d k a r
C h e t a n L o h a r
R u p e s h
G a y a k h e
P r a n a l i K u t e
A j i t
C h a u d h a r i
H a r s h a d a
2. CONTENTS
o Introduction of LBT
o History (origin of LBT)
o Rates Applicable
o Protest By People
o Advantages of LBT
o Exemption
o Registration Details
o Payment Options
o Maintenance Of Register
o Refund of LBT
o LBT on Stock Transfer
o Protest Of LBT
o Advantages of LOCAL BODY TAX over Octroi
3. What is LBT ?
LBT is the tax imposed by the local
civic bodies of India on the entry of
goods into a local area for
consumption, use or sale therein.
4. Who is liable to pay?
Any trader with a turnover of
purchases and sales is not less than
Rs.5000. This includes the local
kirane wala and even the local pan
wala.
5. All Proprietorships
All Partnerships
Companies, LLPs
Trusts
Service Industries such as Software
Companies, CAs, Advocates, Hospitals,
etc.
HUF, AOP, BOI
Govt. Departments who import goods
for Profit.
(Note: Applicable only if turnover
Also Includes….
6. What is taxable under LBT ?
Entry of goods in the city limits for
use, consumption or sale therein is
taxable event under LBT.
Services are not included in LBT. It
has service tax differently
7. History(Origin of LBT)
Octroi system was in practice in Maharashtra since
1965.
In March 2013, in a joint session of the
Maharashtra Legislative Assembly, the Chief
Minister of Maharashtra Prithviraj Chavan
announced that the octroi and cess will be cancelled
and LOCAL BODY TAX would be levied in the
municipalities cities like Mumbai, Thane, Pune and
Nagpur, etc…as trucks won't have to halt at check
posts for inspection and octroi payment.
Other municipalities implemented LOCAL BODY
TAX effective from 1 April 2013 and Mumbai is
planned to implement from 1 October 2013.
8. How Does It Work ?
A l l t h e t r a d e r s w i l l
h a v e t o k e e p a
c o m p l e t e l i s t o f a l l
t h e g o o d s p r o d u c e d
w i t h i n a m o n t h i n
s o f t w a r e p r o v i d e d b y
c i v i c b o d y . I t w i l l
c h e c k t h e i r L O C A L
B O D Y T A X l i a b i l i t y .
T h e p a y m e n t w i l l h a v e
t o b e m a d e o n c e i n 40
9. Rates Applicable
Rates of LBT are given in Schedule A and vary
from city to city.
It ranges between 0.1 to 8 % on different goods.
Most of the Products the rate is 4 %
10. Rate Standards
Turnover of all purchases during
a year
LBT Payable
Per Year
Upto Rs. 1,00,000/- NIL
Rs 1,00,000/- but not Exceeding Rs 2,00,000/- 4,000/-
Rs 2,00,000/- but not Exceeding Rs 3,00,000/- 6,000/-
Rs 3,00,000/- but not Exceeding Rs 4,00,000/- 8,000/-
Rs 4,00,000/- but not Exceeding Rs 5,00,000/- 10,000/-
Rs 5,00,000/- but not Exceeding Rs 6,00,000/- 12,000/-
Rs 6,00,000/- but not Exceeding Rs 7,00,000/- 14,000/-
Rs 7,00,000/- but not Exceeding Rs 8,00,000/- 16,000/-
Rs 8,00,000/- but not Exceeding Rs 9,00,000/- 18,000/-
Rs 9,00,000/- but not Exceeding Rs 10,00,000/- 20,000/-
11. Rates Applicable for Builders
a. Construction up to 4 floor Rs. 100 per square meter .
b. Construction up to 7 floor Rs. 150 per square meter .
c. Construction above 7 floor Rs. 200 per square meter .
Any Developer or person undertaking any work within
Municipality limits have an option of either paying LBT on
value of goods imported into local limits. OR
paying tax @ 0.25% of their total contract value.
12. • Good for which rate of VAT is 0%
, rate for the same under LBT will
also be 0%
• Where as goods for which VAT is
chargeable but no Octroi duty is
payable , rate for same under LBT
will be 0%
Exemptions/Deductions
13. Registration Details
o Person registered under MVAT within Municipal
jurisdiction is deemed to be registered under LBT-
No need of separate registration under LBT. LBT
Certificate will be issued directly without any
procedure.
o However person who is registered under MVAT
outside Municipal jurisdiction but carrying out
business activities within Municipal jurisdiction
required to get registered under LBT separately.
o Every person to whom LBT is applicable is
required to apply for registration within 30 days in
Form A as issued by the State Govt for said
purpose.
14. 1. PAN Card
2. Residence Proof of Dealer
3. Address proof of Place of Business
4.Copy of Shop Act Shop Act License
5.Copy of VAT registration Certificate
6. 2 Photographs of Dealer /Authorized Person
7. In case of Company or Partnership Firm, names
of partners and directors are to be mentioned in
the form and affidavit shall be submitted within 3
months from the date of application.
Required Documents
15. Consequences of Non
Registration
1.For non registration of a person or
2. Person who is not registered but showing as
registered
3.Submitting falsified returns
4.Submitting falsified documents for registration
5.Providing incorrect information in accounts
6.And person who trying to evade tax, etc.
-will be liable for a penalties from one
times to five times of the amount involved.
16. Payment Options
By Cash
Demand Draft
Pay order
Cheques
Online payment using debit/credit
cards, Net Banking or by RTGS/NEFT**
**(This facility is not available currently but
will be available soon)
17. Period of Payment
Every person to whom LBT is applicable is required to pay LBT every
month.
Interest for late payment will be @ 2% per month.
1. April --20thMay
2. May --20thJune
3. June --20thJuly
4. July --20thAugust
18. Maintenance Of Register
Register should be chronologically maintained
Full name & style of Business
Address of the Business place
LBT Registration Certificate Number
Purchase Value of Goods/ Processing Charges
LBT Payable
Entry of goods to be as per date of receipt in City
Record for 10 Years.
19. Refund of LBT
• In case of excess payment of LBT trader required to apply for refund.
• In one month LBT application will be processed and within one
month refundwill be issued.
• If it is not issued within two month from date of application , refund
will be issued with interest .
• 90% of the eligible amount will be refunded in case of Export of
Goods.
• For regular exporter option of payment of LBT @10% of applicable
rate.
• Goods Imported and exported in same calendar month shall be
eligible for set-off of refund due in next month’s liability.
20. LBT on Stock Transfer
Replacement of products under warrantee in another city
limit. -LBT will be payable in that City Limit.
Taking back old parts for repairs-LBT will be payable in City
Limit where it is imported.
Importing of goods in City limit for some function or sports
activity or presentations even for a day will attract LBT.
Office of the Dealer is in City and Godown is outside, then
when goods are taken in City Limits, LBT will be
applicable.
21. Calculation Example
Goods imported into NMC limits worth Rs. 10000/-as on
15thApril 2013
(Applicable VAT Rate –12.5% and LBT -2%)
Value of Goods Rs. 10000/-
Add: VAT @ 12.5% Rs. 1250/-
-----------------------------
Sub-Total Rs.11250/-
Purchaser is required to pay LBT @ 2% on Rs.11250/-i.e. equal to pay
Rs.225/-in Challan
Note: LBT Rate is assumed to be 2%.
22. Protest Of LBT
• The Municipal Corporation is appointed to keep a check
on LBT collection. At a time when the whole world is
becoming paperless with LBT, traders, manufacturers and
other shopkeepers have to undergo more paperwork and
hand over financial statements to the municipal
corporation from time to time.
• So now, with the introduction of LBT, most traders will end
up giving indirect bribe to one more babu.
23. Advantages of LOCAL BODY TAX
over Octroi
Traceability of transactions
Better codified taxation structure
Compatible with account-based tax
collection mechanism
Comparatively less prone to manipulation
Uniformity in taxation across the State
Reduction in the physical burden of paying
of taxes at the check-nakas