Nagpur News :
LBT regime is in infancy stage and would definitely be refined by removing unduly stringent provisions from enactments said Shri Milind Meshram, Assistant Commissioner, LBT, NMC, Nagpur, who was speaking as Chief Guest on the occasion of Half day Seminar on LBT organized Nagpur Branch of ICAI. He said that LBT is account based levy and hence can be handled by Chartered Accountants effectively. He further said that CA’s role is vital in LBT implementation and compliance and urged traders and business community to consult and take advise of qualified professional for ensuring timely and hassle free compliance with LBT.
CA. Julfesh Shah, Vice Chairman, WIRC, said that in view of the integrated process of globalization, business environment has undergone complete metamorphosis. The new world needs well equipped professionals who can cope up with the ever changing scenario. ICAI though its various regional councils, branches & study chapters is committed to impart value based knowledge & update the members about the development taking place on varied subjects. He congratulated Nagpur Branch for organizing seminar on the most burning topic of LBT. He stressed that understanding the intricacies of LBT is very important, right from applicability to calculation of LBT , returns filing & assessment procedure to render quality services to the clients & effective implementation of LBT. He also appealed to the revenue authorities to take a lenient view & create assessee friendly atmosphere at Nagpur.
Earlier, Chairman of Nagpur Branch, CA. Ashwini Agrawal in his welcome address said LBT is one of the most debated recent taxation initiatives enacted by the State Government. He said that LBT is a tax on entry of goods in city and was brought in place of octroi which was a transaction based tax required to be paid at the time of entry of goods in the city. LBT is also a transaction based tax with a difference that tax is to be paid on the basis of accounts on monthly basis & this makes the role of CA’s important in the implementation and administration of LBT, he added. He also said that LBT being a new law, even the officers of NMC are in the process of understanding the fine intricacies of LBT and CA’s can play an important role by guiding the traders and business for the compliance of the same as audit, accounts, taxation are the core area of CA’s. He said that CA’s play a role as a facilitator between the revenue and Assessees. He informed the members about forth coming events of branch and requested them to take maximum benefits.
In the technical Session CA. Anil Shah, expert faculty from Jalgaon, who has also authored widely acclaimed book on LBT, deliberated on the topic & informed basic provisions of LBT, Returns and appellate procedures wherein the applicability and various other issues were discussed. He further discussed various provisions of Assessment procedure and appeals. He also shared his practical experiences and contradictions existing in the LBT enactments, which needs a re-look. He said that LBT should be made more assessee friendly for better compliance. He dealt with the frequently asked questions raised by the participants effectively.
CA. Sandeep Jotwani, Treasurer, co-ordinated the inaugural proceedings & Vice Chairman CA. Kirti Agrawal proposed formal vote of thanks. CA. Umang Agrawal, coordinated the technical session.
Prominently present on the occasion were CA. Sandeep Jotwani, CA. Suren Duragkar, CA. Kirit Kalyani, Shri Lalit Rao, Senior Inspector, LBT, NMC, CA. Kapil Bahri, CA. Atul Deshmukh, CA. Dhanraj Taori, CA. Nitin Sachdeva, CA. Pramod Jawandhiya, CA. Pravin Raut, CA. S.G. Pimpalwar, CA. Sanjay Malpani, CA. Harikawal Jham and over 150 participants.