LARGE TAXPAYERS UNITS (LTU s ):
A LTU is one who meets any one of the following conditions :
- Excise Duty in cash ( account current ) of Rs. 5 crores or more OR
- Service tax in cash (account current ) of Rs. 5 crores or more ;OR
- Income tax advance /corporation tax of Rs. 10 crores or more
A single office would deal with central excise/service tax/income tax/corporate tax issues of all units holding a single PAN. LTU s gets the following facilities –
- They get facilities of payment of all taxes –direct and in direct will take place at one place (single window system )
- They get facilities of all filing of returns and documents ,assessments rebates or refunds ,audits ,recovery in single window system
A LTU will be headed by a chief commissioner ( either from CBDT OR from CBSE ). The Chief Commissioner ,LTU is responsible for –
- Overall administration of LTU;
- Co-ordination between the direct tax and indirect tax wings of LTU;
- Monitoring of revenue collection;
- Devise effective taxpayer assistance system;
- Review of orders passed by the commissioners as adjudicating authority ( as a member of review committee );
- Distribution of works among LTU officers;
- Quality assurance check/taxpayers feedback system;
Note – The scheme is not applicable to manufacturers of tobacco products and pan masala products.