Lokesh, you are right your state Maharashtra has introduced new tax whose name is "Local body tax" which is paid all the businessman who enter the goods at local area for sale or consumption if you have bought or sale of goods not less than Rs. 5000. This tax is payable to municipality of your city. If 90% of goods are exported outside the city, then you have the right to get refund of this paid tax. This tax is extra from VAT which you have to pay your municipality.
Important Step : Make the List of Total Goods Import in One Month
To calculate local body tax is simple. Just go to your municipality and register yourself as assessee for paying LBT. After this, demand the latest rate list. Rate of LBT are between 0.50% to 8% on the value of goods purchased for consumption or sold. By multiply the rate with respected net value of goods imported in the city, you can calculate LBT of each good. By total of tax of each good, you can find total tax liability. For this, you can use excel sheet. This tax has to pay within 40 days of buying or selling of goods.
Following is the sample of LBT rate of a municipality of Maharashtra's city.