Tuesday, 25 November 2014

Nagpur LBT countdown begins!

Taking a U-turn on local body tax (LBT), Maharashtra chief minister Devendra Fadnavis on Saturday threw hints about abolishing the tax. Earlier on Sunday. Union minister Nitin Gadkari had announced that LBT would be scrapped. Announcements of both the leaders have given relief to traders. There are 27 days left for abolition of LBT. Traders have demanded that implementation should be quick. 
Various trading organisations had asked former alliance government to levy surcharge on VAT while cancelling LBT. Former chief minister Prithviraj Chavan had turned down this proposal saying that if surcharge on VAT is made, people in semi-urban, tehsils and rural areas will have to pay unnecessary tax. After this, many proposals came. One committee formed by traders in its report said that State has to give ` 13,500 crore every year to municipal corporation. For this, surcharge on VAT should be done, the committee had suggested. 

Alternative to multi-point turnover tax
To increase revenue, now an option of multi point turnover tax has come forward and government is mulling over it. Under this tax system, there would be 0.25 to 0.50 per cent tax on turnover will be charged. Traders will have to submit details of monthly transactions to government which will charge tax on it.

News Source: Nagpur Times

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