Manufacturers' Association for Information Technology has urged the Government of Maharashtra and various trade bodies in the state to amicably settle the issue related to implementation of Local Body Tax (LBT) in Mumbai.
The introduction of LBT has made it mandatory for traders to pay for entry of goods into a local area for consumption, use or sale the rein. It is a self assessment or account based method of paying local tax, where the trader needs to declare the tax liability by submitting records themselves.
Protesting against this policy, traders have gone on an indefinite strike bringing the financial capital of the country to a standstill. If the issue is not resolved soon, the already troubled IT Hardware Industry would be affected badly. The last fiscal was not good for the IT hardware Industry and this unforeseen shutdown further adds on reasons to worry.
Anwar Shirpurwala, Executive Director MAIT said, "The Government of Maharashtra and the trade bodies should amicably settle the issue of implementing the LBT and come up with a solution that would benefit the consumers and the trade bodies on a larger scale."
Protesting against this policy, traders have gone on an indefinite strike bringing the financial capital of the country to a standstill. If the issue is not resolved soon, the already troubled IT Hardware Industry would be affected badly. The last fiscal was not good for the IT hardware Industry and this unforeseen shutdown further adds on reasons to worry.
