Maharashtra government on 7 September 2015 decided to abolish the Local Body Tax (LBT) within 15 days on petrol and diesel. The decision was taken to end the disparity between fuel dealers and other traders.
The decision came after discussions were held between the state government and petrol/diesel pump owners over its imposition. Abolishing LBT will cost the government exchequer 280 crore rupees.
However, the government will impose an alternate tax in place of LBT.
Besides, the State Finance Minister Sudhir Mungantiwar claimed that the fuel dealers are ready to accept the imposition of an alternate tax in lieu of LBT. All they want is parity between all pump owners.
Now get latest Current Affairs on mobile, Download # 1 Current Affairs App
When: 7 September 2015
DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.