LBT Rules relaxed
Maha Govt notifies amendments to LBT Rules, relaxes penalty provisions * The transaction limit has been raised from Rs 1 lakh to Rs 3 lakh * Major changes have been made to reduce interest and penalty provisions, much to the relief of traders Staff Reporter Even as the rumours about scrapping of Local Body Tax (LBT) were afloat in the city on Friday evening, Urban Development Department (UDD) of Maharashtra Government notified changes in LBT Rules. Issuance of the gazette notification ruled out any possibility of scrapping of LBT. Notifying the Bombay Provincial Municipal Corporations (Local Body Tax) (Amendment) Rules, 2013, UDD stated that transaction limit was raised from Rs 1 lakh to Rs 3 lakh. The raised limit will be applicable in case of municipal corporation having population equal to or more than 20 lakhs as per Census-2011. Raising the transaction limit will help hawkers and small vendors as they will be out of the ambit of LBT. Amendment has been effected to Rule 19 regar...