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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.
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