Why is lbt

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CoWin vaccine registration. Morning Brief Podcast. Economy Agriculture. Foreign Trade. Company Corporate Trends. Defence National International Industry. International UAE. Saudi Arabia. US Elections World News. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. With this the ruling BJP has fulfilled one of its poll promises, that was instrumental in bringing it to power in the state.

LBT will now be inapplicable for traders earning less than Rs 50 crore annually, who account for It contributes between percent of the actual revenues of the corporation. Prices of goods are affected by VAT as well as by state or municipality-level taxes.

Also, complying with various rules on self-declaration, record maintenance, account books, etc. Before the implementation of LBT, traders were importing a huge amount of goods note here they bought goods for a low price , which allowed them to bypass taxes, store them in godowns and sell them when prices went up. But because of LBT, traders will not be able to do any of these things.

Also, because of the fact that LBT is expected to be transparent and less corrupt, theprices of goods should be more stable. The system was implemented in some of themunicipalcorporations in Maharashtra like Kolhapur, Solapur and was opposed by the traders almost immediately. Out of the 26 corporations, 24 have migrated to LBT. Mumbai and Nashik will do so later this year. Citing French media report on 'commissions' being paid during the UPA rule, the BJP accused the Congress of corruption while the grand old party alleged 'operation cover-up' by the Modi government.