Wednesday, July 3, 2013

Changes in LBT Rules 2013

As posted earlier - LBT Rules 2013 Passed.

The following are the important changes in LBT Rules 2010 made by LBT Rules 2013. The changes in registration limits, refund procedure shall now be posted fresh after the changes made, so stay tuned to the website.

  1. Registration limits increased, earlier imported importing goods more than 5000 was liable for registration, now limit increased to 1,00,000.
  2. Dealers can now maintain Form D register electronically. i.e. if accounting records can generate the data required in form D, then no need to maintain any additional records. Thus now people using Tally or other such accounting software need to make changes in their softwares so that the data required in form D can be maintained in these softwares itself.
  3. Rule 26, which curtailed power of inspection by giving power of inspection  only to commissioner and Deputy commissioner now has been deleted.
  4. The definition of process for job work has been widened, now any process which is notified by commissioner of that corporation shall also be considered as Job Work.
  5. The due date for filling E2 return is now 90 days from end of the year. Earlier only 15 days time was given.
  6. Earlier it was implied that if a dealer who is registered dealer but not liable to pay LBT as he is not importing any goods will have to file NIL return annually, now has been specifically mentioned that he has to file NIL return in E2.
  7. Time for maintaining books of accounts, bills, lorry receipts and assessment records reduced from 10 years to 5 years.
  8. Due date for payment extended to 20th of next month from 10th.
  9. Substantial reduction in penalties. (Details regarding new penalties shall be posted soon)
  10. And at last to complete the list of changes - The words "Bombay Municipal Corporation Act" now changes to "Maharashtra Corporation Act"
The exact wordings of the notification shall be posted soon.