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Advantages and disadvantages of local body tax

Q: What are the advantages and disadvantages of local body tax

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Replies (6)
1
They are preparing a report about the merits and demerits of the LBT and a game plan to implement the tax. The report will be ready and submitted by the end of the month.


2
What is LBT and Who is Liable for LBT ? LBT means taxes on the entry of goods into a local area for consumption, use or sale therein. and Any Transaction in connection with, or incidental or ancillary to such trade, commerce, profession, consumption, manufacturing, adventure or concern.LBT solution is a complete Local Body Tax Solution for Tax Consultants as well as for Business owners. It automates all the purchase activities related to local body tax compliance.


How does LBT work?
Pavan Jain,  Delhi-NCR
28th June 2013


3
It works differently from the octroi system. Traders have to compile a list of all goods procured within the month, feed the matter into the software provided by the civic body to check their LBT liability. They have to make payment once every 40 days using online portals, cheque, demand draft or cash through a designated bank or counters of the civic bodies.


4
Advantage or significanceof lbt is that LBT will be the main source of income for civic bodies. It contributes between 50-70 per cent of the actual revenues of the corporation. The Pune Municipal Corporation collected Rs 1314.27 crores by way of octroi for the financial year 2012-2013, while the Pimpri Chinchwad Municipal Corporation collected Rs 1200 crores in the last financial year.


5
Local Body Tax is a good initative from Government., What I feel that Only those are in job/Service are paying taxes on their income. & even with good salary package they cann't afford to buy one flat or any property But when ever i am going for buying proprty like flat or plot. It is always out of budget. When i investigate who can buy plot/Flat/or any other big property those are only Gujarati, Marwadi & sindhi. Sindhi came from pakishtan with some money But how they earn show much money Reason :1. IN Octorai They are decalring less than they have it in Lorry & using hawala for there tran. Ex. Kirana, cloth store or genral store. when it came to our turn we are not asking for printed receipt. So , Please wake up these people looting the country. Go in Maharashtra & check thses people are not taking any loan from bank , if they will take it will not return to bank. Almost all the transcition thay are doing with cash.


I agree with LBT, It's very Initiative, But care should be taken while imposing on small trader and hole india should follow the same rules, it is not for only Maharashtra.
28th June 2013


6
LBT is new form to maintain corruption so that Political leader in the local bodies can earn money. Almost 90% of tax payer money goes into the pocket of bug business and highly corrupted political people. All political, business and rich income have almost corrupt mindset. They just want to suck people money. Some how we citizen onf india should clear and straight and transparent policy so that all utilization of money is clearly accounted. Even the estimate provided by the contractor to local bodies need transparent evaluation as it involve some cut of people for santioning authority..many more to say...oof..just praying something should happen and these thing get washed out...


7

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