Business Daily from THE HINDU group of publications
Tuesday, Dec 11, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Dec 11, 2007 ePaper | Mobile/PDA Version |
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Industry & Economy
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Taxation Chennai large taxpayer unit rolled out K.R. Srivats New Delhi, Dec 10 The Finance Ministry has rolled out the country’s second large taxpayer unit (LTU) at Chennai during the first week of this month. The first LTU got off the ground in Bangalore last year. LTUs are designed to render single-window services to large taxpayers. Besides reducing the transaction and compliance cost for the taxpayers, such administrative mechanisms are also expected to help enhance the efficiency of tax administration. 38 entities opt for itOfficial sources said that 38 entities have so for opted for the LTU at Chennai and that this number was likely to go up as more large taxpayers have evinced interest. Top Finance Ministry officials had visited Chennai recently for the launch of LTU at Chennai, sources added. The LTU at Chennai was headed by a Chief Commissioner from the Excise Department. Four commissioners, two each from excise and income-tax departments, have been posted at the LTU in Chennai. While two of the commissioners would undertake administrative function, the other two would take up appellate functions. 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 Government proposes to implement the LTU scheme in other metro cities such as Mumbai, Delhi and Kolkata also. 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. Under the LTU scheme, there would be no mandatory audit and cases would be taken up on selected basis. More Stories on : Taxation
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