STATE LEVEL CONFERENCE FOR CA STUDENTS, AURANGABAD

STATE LEVEL CONFERENCE FOR CA STUDENTS 2013, AURANGABADTECHNICAL SESSION III STATE LAWSTOPIC LOCAL BODY TAX (LBT)

LOCAL BODY TAX (LBT)PRESENTED BY : SAURABH TOSHNIWAL

Presentation contentsLife Before LBT : Octroi Raj

Bye Bye Octroi, Hello LBT!

Who all are Covered under LBT ?

What are the Compliances ?

Why are the Traders in discontent ?

My Opinion

Life Before LBT- Octroi Raj

THE OCTROI RAJ

ABOLITION OF OCTROI

Bye Bye Octroi, Hello LBT !

SOURCE OF LBT LAWMaharashtra

WHAT IS LBT ?

WHEN DOES LBT ARISE ?

OTHER KEY FEATURES

GOODS & VALUE OF GOODS

IMPORTER VS DEALER

In the context of LBT

Who all are covered by LBT ?

APPLICABILITY

Dealers under VAT are Deemed Dealers and Need Not Register

3,00,000 /-4,50,000 /-CRITERIA

AMMENDED

AMMENDED CRITERIAAs per new Notificationas on 20th June, 2013

EXEMPTIONS

REFUND OF LBT

Where goods imported, on which LBT has been paid, are exported by the same person by way of sale or otherwise, then ninety percent of LBT so paid.

If you are a Regular Dealer,Obtain Permission & Pay only 10%

What are the Compliances ?

PAYMENT OF LBT20th Day

COMPOSITION SCHEMESTurnoverLBT0 to 1,00,000Nil1,00,000 to 2,00,0004,0002,00,000 to 3,00,0006,0003,00,000 to 4,00,0008,0004,00,000 to 5,00,00010,0005,00,000 to 6,00,00012,0006,00,000 to 7,00,00014,0007,00,000 to 8,00,00016,0008,00,000 to 9,00,00018,0009,00,000 to 10,00,00020,000

ConstructionLBT per square meterUp to 4 floors (No lift)Rs. 100Upton 7 floors (with lift)Rs. 150Above 7 floorsRs. 200May pay LBT, in advance to the extent of 50%

0.25% of the Contracted Value

DELAY IN PAYMENT

If Not paid on or before the due date2% per month of such LBT for first 12 months after due date and3% per month of such LBT for each month thereafter

If any LBT is found due as a result of order of assessment,a sum equal to 2% of such LBT for each month from after assessment period till date of order of assessment.

Interest shall not exceed the amount of LBT due on which such interest is charged.

FILING OF RETURNS

PENALTIES

Five Times5,000/-

APPEALS

Why are Traders in Discontent ?

ISSUE #1 INSPECTOR RAJ

ISSUE #2 MORE COMPLIANCES

ISSUE #3 INCREASE VAT

ISSUE #4 DIFFERENT RATES

ISSUE #5 ADMINISTRATIVE SYSTEM

ISSUE #6 UNCLEAR PROVISIONS

My Opinion

IN MY OPINION

Conclusion

WHAT YOU TAKE AWAY HOME FROM THIS PRESENTATION ?

WHAT YOU TAKE AWAY HOME FROM THIS PRESENTATION ?

WHAT YOU TAKE AWAY HOME FROM THIS PRESENTATION ?

THANK YOU !

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