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K.R. Srivats

New Delhi, Feb. 2 The Finance Minister, Mr P. Chidambaram, will on Sunday formally inaugurate the country’s second largest taxpayer unit (LTU) at Chennai.

The first LTU got off the ground in Bangalore in the year 2006.

The Chennai LTU had a soft launch in early December 2007. The Government proposes to implement the LTU scheme in other metro cities such as Mumbai, Delhi, and Calcutta also.

Official sources said 25 entities have so far opted for the LTU scheme at Chennai and 13 more have expressed willingness to join the scheme during the next financial year (2008-09).

A taxpayer (single-PAN based entity) who has paid in cash (or current account) excise duty of Rs 5 crore or more; or service tax of Rs 5 crore or more; or advance income tax of Rs 10 crore or more in financial year 2004-05 or subsequent financial year could opt for the scheme.

The Finance Ministry initially wanted the LTU scheme to be a mandatory one, but later decided to keep it as an optional one for the large taxpayers.

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