LBT was a tax that India’s local civic bodies used to impose on the entry of goods into the local area for sale or use or consumption. Maharashtra was the only state that used to impose this tax. The LBT has been scrapped by the implementation of GST from 1st July 2017. Now that you have the answer to the “What is LBT tax” question, let’s talk about its features:
Some Features of LBT:The registered traders were required to pay the LBT Tax within forty days.
Traders were required to pay the tax via cash or cheque or demand draft or the online portals to the required bank account or at the particular counter opened by the civic body.
If the goods imported from another city were moved out of the city without use, consumption, or sale, then 90% of the LBT paid used to be refunded to the dealer.
Traders used to maintain the records for ten years.
Dealers – sellers or buyers – who brought goods into a municipal corporation limit for use, consumption, or sale – to gain profit through selling – were required to file half-yearly returns.
Penalties were charged if the trader failed to present invoices, bills, or other necessary documents or if the trader failed to show correct liabilities or the trader failed to register and delayed making the payment.
I hope now you know the LBT full form and its features.
What is LBT tax?
Sai
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2021-08-16T16:59:53+00:00 2021-08-16T19:29:16+00:00Comment
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