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Thursday, Feb 01, 2007

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`Corporates apprehensive of LTU concept'

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Bharat Matrimony

Mumbai Jan. 31 The concept of Large Taxpayer Unit (LTU), to provide a single-window clearance mechanism for large tax paying corporates, has attracted merely 20 entities out of the targeted 299 in Mumbai.

In his last Budget, the Finance Minister had mooted the idea of LTUs. According to Dr Parthasarathy Shome, advisor to the Union Finance Minister, LTUs are being set up to bring efficiency as well as to modernise and harmonise tax collection procedure. He was speaking at a seminar here recently.

The setting up of LTUs will depend on the number of consents obtained from the taxpayers to be administered by the LTU, he said. However, corporates have not been enthusiastic about the proposal and have expressed apprehensions.

While excise duty, corporate tax/ income tax and service tax are included within the ambit of the LTUs; customs duty is not.

Assessees who have paid excise duty or service tax exceeding Rs 5 crore or advance/corporate tax exceeding Rs 10 crore are eligible to opt for being administered by the LTUs. The LTUs are initially proposed in the five metro cities — Bangalore, Chennai, Delhi, Kolkata and Mumbai. Road shows will be held in other cities.

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