whether lbt is applicable at nanded city pune

Ashish Nehe,

10th June 2015

Other in Nanded Asawari, Sinhagad Road, Pune

lbt for purchase of new car

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Hi All, It is a tax levied by civic bodies like the municipal corporation. It came following steadfast demand for the abolition of octroi from the trading community itself because of alleged harassment at the hands of octroi staff. It was first implemented in Nanded in 2010. LBT is an account-based tax which means to collect it is similar to indirect taxes like VAT or central excise. Traders have to maintain records and file returns. Octroi was a simpler system with tax being collected at city's entry points.

Sunil Kulkarni, Pune

23rd June 2015

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Very interesting insights. Thanks for your valuable inputs but I want to know Who is liable to pay LBT? What are the rates of LBT?

Supratim,

23rd June 2015

Any dealer who brings goods into city limits for use, consumption or sale therein is liable to pay LBT.Rates of LBT are given in Schedule A and B and vary from city to city. For example, in Pune the rates of LBT range between 0.1 percent to 8 percent.

Sunil Kulkarni, Pune

23rd June 2015

Hi Ashish, If the society is going to be a co-op housing society then LBT is applicable on the conveyance by the builder in favour of the society@ 1% on the prevailing market value of each flat. Each flat holder is liable to pay LBT at this rate at the time of execution and registration of conveyance deed. The market value of the flat at the time of execution and registration of agreement shall be the basis of LBT calculation. This LBT is to be paid in the form of a Stamp Duty.

Siddharth Rana, Pune

23rd June 2015

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awaiting for reply

Ashish Nehe,

10th June 2015

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Hi Ashish, you can also check another thread related to LBT. http://www.commonfloor.com/forum/50d2eb02774a3-advantages-and-disadvantages-of-local-body-tax

Sneha Ambedkar, Pune

23rd June 2015