Nation Building Tax

NBT rate should be continued at 2 %. The present threshold of exempt turnover other than the turnover of any locally procured agricultural produce in the preparation for sale, is reduced to Rs. 3 Mn from the quarter commencing on or after April 1, 2016 . Accordingly, any person or partnership is liable for NBT, if the turnover from any business (other than the turnover of any locally procured agricultural produce in the preparation for sale) including the turnover of following businesses, exceeds Rs. 3 million for any quarter: – Operating a hotel, guest house, restaurant or other similar business; – Providing educational services locally ; – Supply of labour. The exempt threshold of turnover of any locally procured agricultural produce in the preparation for sale will remain at Rs. 25 Mn for a quarter.

Leave a Reply

Your email address will not be published. Required fields are marked *