« Top Headlines » Open DEMAT Account in 24 hrs  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025  15 income tax rule changes in 2024 that will impact your ITR filing in 2025   How to check income tax return (ITR) status  Income tax rules: How much cash can you receive in one day to avoid an I-T notice? «  FM asks tax officials to draw from experience... Corporates line up service tax payments... » Large tax payer unit to go on stream in Nov October, 03rd 2006 Corporates registered with the large tax payer unit (LTU) in Bangalore will be able to file their central excise and service tax return only from next month. While the first LTU is effectively becoming operational on Tuesday, for the transitional purpose it will take returns only for the current month which are to be filed in November. The scheme, though came into effect from October 1, is getting operational from Tuesday due to holidays. The government has issued six notifications for the scheme to come into effect. The 33 corporates, including ABB, Volvo, Toyota, will be welcomed by a swanky tax office. The one-stop shop for large taxpayers, who pay more than Rs 10 crore, in corporate tax and Rs 5 crore in excise or service tax would be greeted by dedicated hip-hop executives in the LTUs. One dedicated officer called `client executive would function as the point-of-contact for companies just as it is done in the corporate world. This account executive would then interact with other departments depending on the problem faced by the corporate. Besides filing of all returns in one place, they will be able to avail of a host of facilities like being able to remove intermediate goods and raw materials without payment of excise duties from one unit to another unit. They would also be allowed to transfer Cenvat credit from one unit to another. Also, when a corporate signs up for LTU, all its units will have the facility files their returns at one place. However, in case of Central excise, certain functions will continue to be performed by the local commission rates as a measure of facilitation to the trade. Coinciding with the roll out of the first LTU, the automation of the central excise and service tax department is also being initiated.