Financial Daily from THE HINDU group of publications
Tuesday, Mar 28, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 28, 2006 |
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Corporate
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Taxation `Large taxpayer units from July' Our Bureau
The Union Finance Minister, Mr P. Chidambaram, with Mr K.S. Nair, Chief Commissioner of Central Excise, Bangalore, at a seminar on `Formation of Large Taxpayer Units in India' in Bangalore on Monday. — G.R.N. Somashekar
Bangalore , March 27 The Finance Minister, Mr P. Chidambaram, has said that the large taxpayer units (LTUs) will be operational from July and the remaining four by year-end. He told a seminar on ``Formation of Large Taxpayer Units in India'' that these units would act as a single-window facilitation centre for all large entities paying excise duty, corporate/income-tax and service tax in Bangalore, Chennai, Delhi, Kolkata and Mumbai. He said there are 843 taxpayers who pay over Rs 5 crore in taxes every year. Of these, 90 are from Bangalore alone. He, however, said that it would not be mandatory on the part of the tax payers to use the services of the LTUs. He added that during the last three years, the government had seen a 20 per cent annual growth on tax collections. Mr Chidambaram said relationship tax executives would be appointed to help the tax payers. He said LTUs have achieved "fair degree of success'' in meeting its objectives in other South Asian countries. On the issue of a common Asian currency, he said India was part of the talks on the currency. On the sidelines of the seminar, the Finance Minister said India was not left out of the talks on this issue. Asean countries along with China, Korea and Japan are understood to be in talks on the floating of an Asian Currency Unit along with a single market to facilitate trade in the region. He said the Reserve Bank of India Governor will soon hold talks with banks on the issue of one per cent reduction in cash reserve ratio.
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