B'galore central excise becomes tax friendly

BANGALORE: At an interactive session organized by Bangalore Chamber of

Industries and Commerce on the occasion of launch of documented book on “Major

Emerging Themes in Central Excise” on Saturday, chief commissioner of Central

Excise, K.S. Nair said “Bangalore will be the first city in the country to

roll out Large Taxpayer Unit (LTU), an e-governance project on a pilot basis

from July 01, 2006.

Interacting with the members of the Chamber, Nair said, “Firms which are

based in Bangalore and are paying annual returns of Rs 5 crore and above are

entitled to become LTUs. Around 83 firms are eligible to become LTUs and more

than 50 per cent of them have evinced keen interest to enroll themselves for the

programme.”

“By opting to become LTUs, these firms will get special treatment as it has

been designed to be a provider of hassle free tax administration and a savior of

time. Here, they can pay Central Excise, Service Tax, Income Tax and Corporate

Tax above Rs 5 crore, provided they are based in Bangalore and have the unique

PAN. Later, we will cover firms prevailing with in Rs 10 crore segment,” said

Nair.

“LTU will be housed separately to give it an international look. Besides,

dedicated staffers and senior officials will be posted at the venue either to

sort out disputes, give clarification or to issue orders”, he added.

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