FM launches large taxpayer unit at Chennai

New Delhi: The Finance Ministry has unveiled the country''s second large taxpayer unit (LTU) at Chennai during the first week of this month. LTUs are configured to render single-window services to large taxpayers. Besides decreasing the transaction and compliance cost for the taxpayers, such administrative mechanisms are also expected to help enhance the efficiency of tax administration. 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 unveil of LTU at Chennai. 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.

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.