Published On : Tue, Dec 15th, 2015

Municipal Corporations are being compensated in lieu of LBT: Fadnavis

Nagpur: The issue of abolition of Local Body Tax (LBT) and financial crisis in Municipal Corporations figured in Assembly as Sandeep Naik and other six members wanted to know the present status.

The Chief Minister in written reply informed the House that the Government has decided to waive LBT of traders having less than Rs 50 crore annual turn-over from 1.8.2015. The Municipal Corporations are being paid compensatory assistance in lieu of LBT. The assistance is based on the average of highest Octroi revenue and LBT recovery by Municipal Corporations in the last five years. The assistance being given to each civic body has been raised by 8 percent in 2015-16. Government is alert and ensuring no Municipal Corporation is put to loss, stated Fadnavis.