Business Daily from THE HINDU group of publications
Saturday, Jul 22, 2006
Business Daily from THE HINDU group of publications Saturday, Jul 22, 2006 |
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Corporate
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Income Tax Industry & Economy - Taxation First LTU operations from Oct 1: CBEC Our Bureau
New Delhi, July 21 Corporate India may have to wait for some more time before they can avail themselves of the benefits of the proposed large taxpayer units (LTUs) scheme. Admitting that the Finance Ministry was running behind schedule on the issue of setting up of LTUs, the Chairman of the Central Board of Excise and Customs (CBEC), Mr V.P. Singh, told an industry gathering organised by Assocham that the first of the LTUs would be functional from October 1 in Bangalore. He also said that the LTU in Chennai would commence operations from January 1. In March this year, the Finance Minister, Mr P. Chidambaram, had announced that the first LTU would become operational from July 1 and the remaining four units by the year-end.
LTUs in metros
Plans are afoot to set up five LTUs, one each in the metros of Delhi, Mumbai, Kolkata, Chennai and Bangalore. About 843 large taxpayers in these five cities will be entitled to avail themselves of the LTU scheme The LTUs are being designed as single-window facilitation centres for all large taxpayers who have paid excise duty or service tax of over Rs 5 crore in cash or advance income-tax of Rs 10 crore in 2004-05. Asked as to when large taxpayers in Delhi could benefit from the LTUs, the CBEC Chairman indicated that the scheme would be available for such corporates only in the first half of next year. "It's very difficult to give you a target date," he said.
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