Akola city is situated on the banks of the holy river Morna and is famous for the cultivation of Cotton and Jowar crops. Akola is predominantly renowned as Cotton City. It is also good educational center. The "Berar General Education Society" is engaged in the propagation of quality.

The renowned 'Sitabai Arts College' was established by the society in the year 1938 and has produced many leading luminaries who are well known in their respective areas. A Commerce Department was added in the year 1958. Due to rapid growth, it became necessary to bifurcate it. It was the need of those times to make commerce an independent entity. Therefore, Commerce College was started in the year 1964, named after the great philanthropist of Akola. 'Smt Laxmibai Radhakisan Toshniwal'. It is heartening to note that Smt. LRT College of Commerce has gained the distinction of being the biggest single faculty commerce college in the entire SGB Amravati University region. The college provides education in various branches of commerce upto Post-Graduation level. It runs M.Phil course in Commerce. Under the aegis of the Department of Management Studies and Research, attached to the college, various Post-Graduate courses in management like PGBDM, PGDMM and MIRPM are held, two new self financing courses D.Tax, DFM are introduced from current session which provide excellent opportunities to the youth of the region in the commerce field. Department of Computer Management and Cyber Commerce was started in the year 2000, which conducts the Post-Graduate course in Comptuer Management (MCM). The college also houses a District Center of the YCMOU which provides distant learning opportunity to the needy. The center conducts various professional and job oriented courses, Like BA, B.Com, DJ, B. Iib, B. Ed., MBA, Computer Diploma, Electronics Diploma, Beauty Parlour Diploma etc.

The College is aware that the NAAC, Bangalore is working with the objective of bringing out quality and excellence in higher education. Taking into sentiment the NAAC mission and responsibility and accountability towards stakeholders, with the active support and involvement of Academic fraternity, Students, Managements, Parents, Alumni, Society, the college has formed its IQAC on Post-accreditation quality sustenance activity, based on revised guidelines of NAAC, an IQAC is formed. Quality assessment, sustenance and promotion are some of major activities of college IQAC. The college is aware of challenges before higher education and on the basis of commendation and recommendation made by the Members of Peer Team Visitied; the college is making its efforts to overcome the weaknesses considering recommnedations made by the Member of Peer Team. Quality is the status, a never-ending task to search unknown for the betterment of society and in turn to search a nation among the people. And therefore it is a continuous quest and hard effort which we put to achieve excellence in all our activities by keeping in focus, the student community.