First large taxpayer unit becomes operational in Bangalore

Bangalore, Oct 6 (UNI) The Central Board of Excise and Customs and the Central Board of Direct Taxes have notified that the first Large Taxpayer Unit (LTU) has become operational in the city with effect from October one.

In a release here today, Central Excise Bangalore Zone Additional Commissioner A M Saravi said that under the LTU scheme, a large tax payer would be eligible for a host of facilities and benefits, including removal of intermediate goods and raw materials from one unit to another without payment of excise duty. The large tax payers were also eligible to transfer Cenvat credit from one unit to another and could file all their central excise, service tax and income tax returns at one place.

With the issue of the notification, over 30 large tax payers, including ABB, Volvo, Vijaya Bank, Canara Bank, Toyota Kirloskar and Sobha Developers, have shown willingness to opt for the scheme. As a transitional measure, the authorities decided that central excise and service tax returns for September 2006 would be filed with the present jurisdictional commissionerates and returns from October onwards would be filed with LTU Bangalore, he said.

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