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LBT at Nasik – An Alternative for Octroi

LBT at Nasik – An Alternative for Octroi

LBT (Local Body Tax) at Nashik will be effective from 1st July, 2012. This will help NMC to now earn more money, upto Rupees 800 to 1000 crores per year.

The combined effort of many local businesses and corporators was totally in vain after this declaration of LBT today by Mahavir Pendharkar, Assistant Tax Commissioner from Mumbai. These groups were opposing LBT for Nashik since long time, since the new transition of toll business in Nashik. Last month the General Body Meeting (GBM) held by Nashik Municipal Corporation, opposed LBT for Nashik but, few officials met Maharashtra’s Chief Minister and showed positive signs for LBT in Nashik.

Pendharkar, during his press conference, said that the State Government does not consider GBM’s decision in such situations. He further added that LBT will be in practice not only in Nashik but also in other seven Corporations of Maharashtra at the initially time. Later all the corporations in Maharashtra will have LBT.

Most of the businesses transport goods on credit and still they have to pay heavy legal as well as legal taxes at the toll nakas. LBT is just an alternative for paying toll at the nakas. This new LBT process in Nashik will actually give credit to businesses, provided they pay LBT fees in Nashik upto 40 days of the transport. In case of delays than 40 days, two percent interest will be added. The businesses whose annual turnover is less than Rupees One Lacs, will waived from LBT. Inter-city (transportation of goods within Nashik City) will not have any tax. Businesses who try to skip LBT in an illegal manner will have to pay ten times more of the actual LBT.