Financial Daily from THE HINDU group of publications
Saturday, Dec 24, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 24, 2005 |
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Industry & Economy
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Taxation Large taxpayer units scheme likely from April 1 K.R. Srivats
New Delhi , Dec. 23 LARGE taxpayers may have to wait for some more time before they can avail themselves of a single-window facility for all major tax payments. The proposed Large Taxpayer Units (LTU) scheme is likely to become operational from April 1 next year and that too on an optional basis, according to Mr M.S. Darda, Chairman, Central Board of Direct Taxes.The Finance Ministry was initially looking to implement the LTU scheme from January 1, 2006 in the five identified metros of Delhi, Chennai, Kolkata, Mumbai and Bangalore. Under the proposed LTU scheme, large taxpayers, who have paid excise duty of over Rs 5 crore in a year and assessed to income tax in any of the five specified metros, would be entitled to avail themselves of this scheme. "The LTU scheme would be implemented on an optional basis. We have written to large taxpayers to ascertain their views. This would help us in setting up the required infrastructure in the five metros from where the scheme would initially become operational," Mr Darda said. While the Finance Ministry was initially keen that the LTU scheme be implemented on a mandatory basis, India Inc had suggested the scheme be made available on an optional basis. In the run up to the launch of the LTU initiative, the Finance Ministry has held series of meetings with representatives of Indian industry. According to Mr Darda, the proposed LTU scheme would cater to the excise duty, income tax and service tax payment needs of the large taxpayers.
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