The Hindu Business Line : Allow self-certification for large taxpayer unit scheme too: India Inc

CORPORATE India has suggested to the Finance Ministry that the concept of self-certification be extended to them under the Large Taxpayer Units (LTU) scheme, which is expected to eventually evolve into a single-window facility of all major tax payments.

"Whatever returns and papers that are filed by large taxpayers should be accepted at face value. There should be no scope for scrutiny. Only then there would be some incentive for large taxpayers to come under the proposed LTU scheme," a senior official of a leading chamber of commerce and industry told Business Line.

Prior to the launching of the LTU scheme, the Finance Ministry has initiated a dialogue with industry representatives and another round of discussions are scheduled for Friday. At the first meeting held here last month,

India Inc had submitted that "settled issues" should not be re-opened and re-interpreted/re-classified under the concept of LTUs. It was also suggested that the concept of advance ruling be extended to the LTUs.

Some industry representatives suggested that inter-tax adjustment (adjustment of indirect taxes from direct taxes or vice-versa) should not be introduced for the next five years.

The Finance Ministry is looking to implement the LTU scheme in the five identified metros (New Delhi, Mumbai, Chennai, Kolkata and Bangalore) from January next year. The LTU scheme may later be extended to Ahmedabad, Coimbatore, Hyderabad, Kanpur and Pune.

Industry representatives are keen that the concept of LTUs be optional in the initial stages and not made mandatory for at least a year. The Finance Ministry is, however, looking to make the proposed scheme a mandatory one for large taxpayers.

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