LBT to be scrapped in Maha from Aug 1

Keeping BJP's poll promise, the Devendra Fadnavis-led government in Maharashtra today announced that the controversial local body tax (LBT) will be scrapped in the state from August 1 this year.

The announcement was made by the Finance Minister Sudhir Mungantiwar in his budget speech in the Legislative Assembly.

LBT was introduced by the previous Congress-NCP government with a view to replace octroi.

The trader community opposed the new tax because of the complicated procedure and paperwork it entailed.