The Times of India             21.06.2013

NMC confident of 20% growth in revenue through LBT in current fiscal

NASHIK: Nearly a month after the local body tax (LBT) replaced octroi as the new tax collection system in the city, the Nashik Municipal Corporation (NMC) has said it will surely achieve a growth of 20% in its revenue through the new system in the current fiscal year 2013-14, as compared to the revenue earned through octroi during the last fiscal year.

The LBT has been implemented in the limits of the NMC with effect from May 22. The civic administration has been able to collect revenue amounting to Rs 11.57 crore through LBT till June 20. During the period between April 1 and May 21, the NMC earned revenue of Rs 95.10 crore through octroi. The total revenue through octroi and LBT has reached Rs 106.10 crore till date in the current fiscal year. A revenue of Rs 695.51 crore was earned by the NMC during 2013-14 through octroi.

Speaking to TOI, deputy commissioner (LBT) of the NMC Haribhau Phadol said, "We are confident of at least 20% sgrowth in revenue through LBT in the current fiscal year as compared to last year. We have earned revenue amounting to Rs 11.57 crore through LBT till date. The tax collected is for the period of 10 days - May 22 to 31, 2013."

"People take some time to acclamatise to any new system which is introduced. The picture about the LBT will be clear in the next two or three months after it starts functioning in full swing. When we started recovering octroi after the cancellation of its privatisation from May 19, 2012, then also the recovery was slow. But we ended up collecting good revenue during last fiscal year as well."

The NMC has till now registered 16,400 traders and industries, which were already registered under the value added tax (VAT) with the sales tax department of the state government. The NMC has started distributing registration certificate to these traders and industries following submission of their applications along with the relevant documents.

Apart from them, around 1,684 new businesses have been registered. A total of 18,084 traders and businesses have been registered so far (till June 20) for the new tax system, including 2,079 registrations in Satpur division, 4,824 in Cidco, 1,685 in Nashik road, 2,002 in Panchavati, 2,818 in Nashik east, 3,812 in Nashik west and 864 unidentified registrations.

Around 25 industries were presented with the registration certificates by the municipal commissioner Sanjay Khandare on the very first day on May 22.