First LTU to function in Bangalore from 1 st October.
The first LTU in the country is being set up at Bangalore. LTU at Bangalore will be made functional from 01.10.2006 . It shall function from JSS Towers, 100 Ft. Ring Road, Banashankari III Stage, Bangalore 560 085
LTUs will be self-contained tax administration offices under the Department of Revenue acting as a single window clearance point for all matters relating to central excise, income tax/corporate tax and service tax. Entities would be able to file their excise returns, direct taxes returns and service tax returns at such LTUs and for all practical purposes will be assessed to all these taxes at these LTUs. Such units would be equipped with modern facilities and trained manpower to assist the tax payers in all matters relating direct and indirect tax / duty payments, filing of documents and returns, claim of rebates/refunds, settlement of disputes etc. The scheme aims at reducing tax compliance cost and delays, and bringing out uniformity in the matters of tax/duty determination. An eligible taxpayer can opt to avail of the facility of LTU scheme.
The criteria to opt for LTU: Every taxpayer (single PAN-based entity)
• who is assessed to income tax/corporation tax under the Income-tax Act, 1961 in any of the five cities (Bangalore, Chennai, Delhi, Kolkata or Mumbai ), and
• who has paid during financial year 2004-05,
• excise duty in cash (account current) of Rs.5 crore or more; or
• service tax in cash (account current) of Rs.5 crore or more
• advance (income) tax/corporation tax of Rs.10 crore or more
The Bangalore I Central Excise Commissionerate has informed this in a Trade Notice. But is there an account current for Service Tax?
BANGALORE I COMMISSIONERATE TRADE NOTICE NO. , Dated: August 14, 2006