An overview of LARGE TAXPAYER UNITS ( LTU). Rationale behind LTU.  Simplified procedures.  International practice.  Single window facilitation.  To.

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Presentation transcript:

An overview of LARGE TAXPAYER UNITS ( LTU)

Rationale behind LTU.  Simplified procedures.  International practice.  Single window facilitation.  To reduce tax compliance cost, delays & to ensure uniformity.

Eligibility.  PAN holder.  Assessment of Income Bangalore, Chennai, Delhi, Kolkata or Mumbai.  Payment of over Rs.5 crores of Excise Duty in cash or Service tax of over Rs.5 crores in cash or advance tax or corporation tax of over Rs.10 crores during the preceding financial year.

Procedures…  Application - Consent form.  Registration.  Filing of returns.  Tax payment.  Refunds.  Audit.  Exports.  TDS returns.

Procedures.  Transfer of all cases to LTU.  Cases to be completed within 3 months.  Single Commissioner (A), LTU.

Advantages...  Single point return filing.  Single point contact.  Specific software for units.  Digital Signature Certificates.  Personalised Client Executive for each taxpayer.  Self sealing for exports.  Self adjustment of excess paid duty due to arithmetical errors.

Advantages.  Inter unit transfer of Cenvat credit.  inter unit transfer of credit availed inputs / capital goods without reversal of credit.  inter unit transfer of manufactured products without payment of duty – Goodbye to CAS4.  Fast track refund processing.

THANKS