FM to inaugurate LTPU

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Mumbai, Mar 27 (UNI) Union Finance Minister P Chidambaram will inaugurate the country's third ''Large Tax Payer Unit'' (LTPU) here tomorrow.

This unit will be self contained, administering income tax, central excise and service tax matters relating to large business enterprises. The assessees, who have paid advance corporate/income tax of Rs 10 crore, or central excise of Rs 5 crore or service tax of Rs 5 crore during financial year 2004-05 or any subsequent financial year are eligible to join the LTPU.

This unit will act as a single window clearance for all matters relating to central excise, income tax and service tax.

The LTPU unit for Mumbai, located at the World Trade Centre in Cuffe Parade, will be the third of its kind in the country after successful functioning of LTPU at Bangalore and Chennai.

Minister of State for Finance S S Palanimanickam, Central Board of Direct Taxes Chairman R Prasad, Chairman and CBDT Member P C Jha will also be present in the function to mark inauguration of the LPTU, an official release said today.

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