LBT will be a game-changer: CII

MUMBAI: The newly-introduced local body tax ( LBT) in Maharashtra is going to bring transparency and would be a game changer, industry body CII said today.

LBT was introduced in Thane, Navi Mumbai, Nagpur, Pune and Pimpri-Chinchwad from April 1, while in Mumbai it will be effective from October 1. However, the trader community is opposed to it.

"LBT replacing octroi comes as a great relief to the industry and would certainly bring in transparency in tax collection and also reduce the physical burden of paying of taxes at the check-nakas," CII Maharashtra State Council Chairman Ninad Karpe said in a statement.

"The book-based taxation structure will help in easing out the issues of octroi which are presently creating bottlenecks for the industry in Maharashtra and will be a game-changer," Kapre added.