Maharastra Traders With A Turnover Below ₹500 million, Exempt From Paying LBT

- Advertisement -

The amendment will benefit 808,391 out of a total of 809,553 registered traders

By Sushma Rani

With effect from August 1, 2015, the Maharashtra government has exempted traders with a turnover of less than ₹500 million from paying Local Body Tax to any of the 25 municipal councils.
One of the pre-election promises of the existing government had been that it would abolish the LBT if it came into power and after forming the government in Maharastra, pressure from the trader community had been mounting. So, this exemption is in line with its poll promises.
According to reports, the government has made a budget provision of about ₹20 billion to compensate the municipal corporations. The exemption will benefit 808,391 traders out of a total of 809,553 registered traders. There are 25 civic bodies across the state and the LBT has been abolished in most of them. The government has also decided to provide financial aid to those corporations to make up for the losses they will incur due to the abolition of LBT.
As the government decided to give relief from LBT to the traders, the All India Radio & Electronics Association (AREA), West Zone, which protects the interests of those in the electronics trade and industry, appreciated the support and cooperation of its members during the anti-LBT agitation. The association believes that the unity of its members was, and continues to be, a major guiding force to traders from other municipal corporations. It believes that the same level of contributions from all the members would help in the betterment of the electronics fraternity and the trade, in general. It was due to a month-long bandh last year that the LBT was not enforced on Mumbai.

- Advertisement -

Most Popular Articles

Exclusive

NVIDIA Record $26B Q1 Revenue, Announces Stock Split And Dividend Hike

0
The quarterly cash dividend has been raised by 150%, resulting in $0.01 per share on a post-split basis. NVIDIA reported first-quarter revenue for the period...

“AIC-T-Hub Aims To Grow Startups So More Indian Unicorns Can Contribute To The GDP”

0
T-Hub has collaborated with Atal Incubation Centre (AIC), initiated by the Atal Innovation Mission to incubate semiconductor startups, fostering innovation for India’s advancement in...

Pros And Cons: Boult’s Varun Gupta On Contract Electronics Manufacturing

0
While contract electronics manufacturing is not a new concept in India, it has lately picked up a pace never seen before. But what has...

Buzz

China Builds Third Fund of $47.5B to Support Semiconductor Sector

0
China sets to achieve next level of self-sufficiency as it sets up its third planned state-backed fund to bolster the country’s domestic chip industry.  On...

India’s Laptop Import Licensing System Questioned Again in WTO

0
WTO recently published a statement of its CIL meeting where China and Japan formally raised concerns about India’s laptop import monitoring system, which was...

Hyundai Mobis To Invest More In EV Parts, Chips

0
Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips...

Important Sectors

Hyundai Mobis To Invest More In EV Parts, Chips

0
Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips...

South Korea Announces $19B Support Package for Domestic Chip Industry

0
On May 23, 2024, South Korean President Yoon Suk Yeol announced a package worth 26 trillion won ($19 billion) to boost and empower its...

Vitesco Tech Delivers Electric Drive For Honda CR-V PHEV

0
This is the first integration of a Vitesco Technologies drive system into a hydrogen fuel cell electric vehicle (FCEV). Vitesco Technologies will provide its EMR3...

HCLTech to Take Over HPE’s Communication Tech Assets for $225M

0
IndianTech Giant HCLTech announces to expand its strategic partnership with Hewlett Packard Enterprise, buying the latter’s certain tech assets for $225M in cash.  IT service...

Google To Begin Pixel Production At Foxconn, Dixon In September

0
According to sources, Google's collaboration with Foxconn complements its plan to manufacture Pixel smartphones at the Dixon facility. Google is set to partner with Foxconn...

Manufacturing

Hyundai Mobis To Invest More In EV Parts, Chips

0
Hyundai Mobis, the top auto parts manufacturer in South Korea, announced its intention to increase investment in electric vehicle (EV) components and automotive chips...

Vitesco Tech Delivers Electric Drive For Honda CR-V PHEV

0
This is the first integration of a Vitesco Technologies drive system into a hydrogen fuel cell electric vehicle (FCEV). Vitesco Technologies will provide its EMR3...

Google To Begin Pixel Production At Foxconn, Dixon In September

0
According to sources, Google's collaboration with Foxconn complements its plan to manufacture Pixel smartphones at the Dixon facility. Google is set to partner with Foxconn...

Imec-Led European Labs To Get $2.7B From Chips Act Funding

0
Europe's chip revolution gains momentum with a €2.5 billion investment in cutting-edge pilot production line for sub-2nm technologies, aiming to elevate domestic production and...

EVR Motors Discusses Tech Sharing With Indian OEMs

0
The Israel-based EVR Motors designs Radial Flux Permanent Magnet (RFPM) motors and licenses this technology for manufacturing by OEMs and component makers. EVR Motors, an...