Nagpur News: VIDARBHA INDUSTRIES ASSOCIATION (VIA) & VIDARBHA TAX PRACTITIONER ASSOCIATION (VTPA) have jointly organized an awareness programme “ALL ABOUT LOCAL BODY TAX- (LBT)” a new TAX proposed and notified by the State Government. The eminent speakers were CA Shailendra Jain & CA Yash Verma. CA Ashok Chandak, Chairman VIA Taxation & Corporate Law Forum, chaired the programme.
Speaker CA Yash Verma conveyed about Local Body Tax (LBT) as a replacement of Octroi. With effect from 1st April, 2013, octroi will be abolished and LBT will be operational. Provisions relating to LBT are covered under ‘The Bombay Provincial Municipal Corporations (Local Body Tax) Rules, 2010. Such rules are part of the act called ‘The Maharashtra Municipal Corporations Act, 1949’, in short, The MMC Act, 1949. As per Notification bearing number LBT-0209/CR-65/09/UD-34 dated 25th March, 2010, the Urban Development Department of Government of Maharashtra has enacted Bombay Provincial Municipal Corporations (Local Body Tax) Rules, 2010, in short, LBT Rules. He said there are 54 rules in this LBT and the goods mentioned in Schedule-A are taxable, However, goods mentioned in Schedule- B are exempted. This act will be applicable w.e.f. from 01.04.2013. However, there is no notification for Nagpur yet for applicable of this LBT. Under this LBT it will be applicable for the every dealer who purchases and goods for sale, purchase, Consumes or for its own use.
Speaker, CA Shailendra Jain, said documentation will play an important role in LBT. Every dealer needs to maintain record for all transaction in proper manner. Similarly, Purchase register needs to be maintained & date of entry needs to be recorded. Invoice needs to be issued properly. Even a one time transaction incidental to such business, profession, consumption will be covered. A dealer should possess a valid certificate of registration under LBT. Similarly, a person carrying on a temporary business also needs to register under LBT. A dealer will be given a single registration number for all his place of business situated in city limit. Invoice is required to be issued when a registered dealer sells goods to another registered dealer or a registered dealer sells any goods exceeding Rs. 10/- in value in anyone transaction to any other person has to issue a bill or cash memo.
Prafullaji Doshi expressed concern about the number of the laws required to be compiled by the Trade & Industry. CA. Ashok Chandak elaborated the importance of documentations and stressed on the role of accounting in the new tax regime.
The program was beneficial for the Businessman, Entrepreneurs’, Accountants, Professionals & Industrial fraternity. The programme was very well conducted by Naresh Jakhotia, and the queries were well answered by the speakers and CA Ashok Chandak.
At the outset, CA Shailendra Jain was welcomed by Prafull Doshi, President, VIA, CA Yash Verma was welcomed by Akash Agrawal, Hon. Secretary, VIA, Introductory remarks was given by CA Ashok Chandak, Chairman, VIA Taxation & Corporate Law Forum, Summing up and Vote of thanks was given by Adv L. P. Dhunisinghani, Secretary, VTPA and lastly the programme was well conducted by CA Naresh Jakhotia, Convener, VIA Taxation & Corporate Law Forum.