LBT abolished for traders below Rs 50 cr turnover in Maharashtra
* Govt to compensate loss of municipal corporations by way of providing them revenue earned through stamp duty collection from urban areas * Amnesty Scheme extended up to August 15 Staff Reporter Maharashtra Government, on Friday evening, announced that the Local Body Tax (LBT) would be abolished from August 1, 2015, for the traders having annual turnover below Rs 50 crore. The move will provide relief to 99.85 per cent of the traders enrolled for LBT in Maharashtra, Chief Minister Devendra Fadnavis said while making a statement before the State Legislature. The announcement comes as a great relief to traders across Maharashtra and Nagpur, the Second Capital. For, though the deadline of July 31 was drawing closer the municipal corporations had not received any final communication regarding abolition of the much-discussed tax from August 1. Chief Minister informed the State Legislative Assembly on Friday that LBT would be abolished in the limits of 25 municipal corporatio...