« Top Headlines » Open DEMAT Account in 24 hrs  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups  Result of the Information Systems Audit [ISA] Assessment Test held on 8th November 2025 is likely to be declared on late evening (around 9 pm) of 16th November 2025.  Income Tax: What is revised I-T return which you can file till the end of the calendar year?  Creating Vouchers Directly from Bank Statements in Tally Prime A Complete Step-by-Step Guide  Payroll Management in Tally Prime 7.0 Expected Enhancements, Current Features, and Future Scope  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses «  FM asks tax officials to draw from experience... Corporates line up service tax payments... » Large tax payer unit to go on stream in Nov October, 03rd 2006 Corporates registered with the large tax payer unit (LTU) in Bangalore will be able to file their central excise and service tax return only from next month. While the first LTU is effectively becoming operational on Tuesday, for the transitional purpose it will take returns only for the current month which are to be filed in November. The scheme, though came into effect from October 1, is getting operational from Tuesday due to holidays. The government has issued six notifications for the scheme to come into effect. The 33 corporates, including ABB, Volvo, Toyota, will be welcomed by a swanky tax office. The one-stop shop for large taxpayers, who pay more than Rs 10 crore, in corporate tax and Rs 5 crore in excise or service tax would be greeted by dedicated hip-hop executives in the LTUs. One dedicated officer called `client executive would function as the point-of-contact for companies just as it is done in the corporate world. This account executive would then interact with other departments depending on the problem faced by the corporate. Besides filing of all returns in one place, they will be able to avail of a host of facilities like being able to remove intermediate goods and raw materials without payment of excise duties from one unit to another unit. They would also be allowed to transfer Cenvat credit from one unit to another. Also, when a corporate signs up for LTU, all its units will have the facility files their returns at one place. However, in case of Central excise, certain functions will continue to be performed by the local commission rates as a measure of facilitation to the trade. Coinciding with the roll out of the first LTU, the automation of the central excise and service tax department is also being initiated.