Published On : Thu, Jul 9th, 2015

Last date for filing LBT returns extended to July 31

Nagpur: Now, what remains to be seen is how much of benefit the extension would acrue to the traders even as government has decided to go ahead with the LBT withdrawal from August 1.

However, knowledgeable sources averred that extension of deadline only 22 days ahead of the proposed end to LBT, raises more questions than answers.
It may be mentioned here that State government introduced Abhaydan scheme to encourage LBT remittance. However, the scheme did not invoke much response from the traders.

So far fewer than 300 traders have applied for the scheme. Despite this, government seems to favour the traders.

It is being feared that once Abhaydan scheme is withdrawn, the government would launch its offensive against the traders.

The government hadfixed a deadline of June 29 for filing of LBT returns for the financial year 2014-15.

However, before the said deadline, only 13105 returns were filed. This is despite the fact that near about 40,000 traders and industrialists are registered under LBT.

As per rule, traders can file returns upto 90 days following the lapse of financial year. However, more than 50 per cent traders have not filed LBT returns even after the lapse of the last financial year.

Assistant commissioner of LBT department, Milind Meshram in view of convenience of traders, the system of filing online returns has also been designed.
Traders can take benefit of the scheme by visiting website of LBT Nagpur.

However, if a trader does not file returns, he or she is liable for action against LBT rule number 48 (6). l The government hadfixed a deadline of June 29 for filing of LBT returns for the financial year 2014-15. However, before the said deadline, only 13105 returns were filed.