LBT to stay in State till Centre introduces GST

LBT to stay in State till Centre introduces GST

I will explain the technical problems to the trade Union and try lo convince them to wail for a year till we introduce GST," he said.

Congress has strongly criticised die decision of Bharatiya Janata Party (BJP) led Government and charged it with taking a complete u-turn from its popular poll promise, liven on toll issue, the Government backtracked, the Congress alleged while insisting dial IMP must honour its poll promise of scrapping LBT.

Prime Minister Narendra Modi had termed LBT as Looto Bato Tax (LBT) during Bus highly effective poll meetings during assembly elections. State Government mentioned this issue in Governor's speech too. It may be mentioned that I.HI was the main poll pank of the BJH

Chief Minister Devendra Fadnavis discussed the issue with Municipal Commissioners and top officials of the State. Chief Minister said, Maharashtra Government is in favour to scrap LBT but it is necessary to find out alternate resources for revenue generation of Municipal Corporations. Redirected officers to study and find out better alterted that BJP did include scrapping of LBT in the poll manifas to and there by brought cheers on the faces of millions of traders. We remain committed towards fulfilling our promise. Hut at the same time how can weignore the current financial condition of the state, he asked. Mungantiwar added that State, which was once considered to be a Financially sound stale, is now reeling under adebl of Rs3.44 lakh crore. When the situation is so bad, shouldn't it be priority (of the government) to improve the 

demanding to scrap the LBT for sometime and also held protests. "We have the LBT and the Octroi which is providing a revenue of Its 14,500 crore to the exchequer annually. When we abolish these revenue sources, we need to find out anakernatesource of revenue generation first," Mungantiwar added. He said the Centrei skeen to Implement the CIST from 2016 and reimburse the state with the difference in the revenue once it is implemented here. Mungantiwar echoed Fadnavis's views and said the state may consider postponing the scrapping of LBT and Octroi by a year.fiscal condition of the stale, he added. Traders across  the  state have  been demanding to scrap the LBT for sometime and also held protests. "We have the LBT and the Octroi which is providing a revenue of Its 14,500 crore to the exchequer annually. When we abolish these revenue sources, we need to find out analternatesource of revenue generation first," Mungantiwar added. He said the Centre is keen Co implement the GST from 2016 and reimburse the state with the difference in the revenue once it is implemented here. Mungantiwar echoed Fadnavis's views and said the state may consider postponing the scrapping of LBT and Octroi by a year.

Posted in: News 2014