LBT REFUND ON EXPORT AFTER 31ST JULY 2015, Other Topics

[sachin shilamkar]

As per LBT we have to pay tax at the time of purchase and later on if the material is exported within 6 months (Sold outside of the municipal corporation limits) we can claim 90% refund of the tax paid on the same.

As per new notification from 1st August 2015 LBT exemption is given for those who are having turnover less that 50 Cr.

We have made the purchases till 31st July 2015 and tax paid accordingly and from 1st August onward we fall under exempt category as per new notification of 50 cr exemption.

How do we claim refund of 90% of the duty paid on purchase made before 31st July 15 which we have sold / exported within time limit of 6 months.

Regards

Sachin

Posts / Replies

[YAGAY AND SUN]

You can file application for claiming of rerund of LBT as per earlier practices for non exemption period.

[Ganeshan Kalyani]

The taxing system was such that if an item was purchased and brought into municipal location then LBT (local body tax) is payable but if the same item is sold and taken out of municipal area then tax on such transaction can be netted of against LBT payable.