WHAT IS A LTU -LARGE TAX PAYER UNIT AND WHO IS ELIGIBLE FOR IT-
CA SUDHIR HALAKHANDI
CA SUDHIR HALAKHANDI (PRACTICING CHARTERED ACCOUNTANT) (13196 Points)
04 January 2009WHAT IS A LTU -LARGE TAX PAYER UNIT AND WHO IS ELIGIBLE FOR IT-
CA SUDHIR HALAKHANDI
Sherin Chacko
(CA)
(53 Points)
Replied 04 January 2009
LTU is a self-contained tax office that provides single point interface with the tax administration to the large tax payers paying direct and indirect taxes above the threshold limit. A single office would deal with central excise/service tax/income tax/corporate tax issues of all units holding a single PAN.A person having units in various parts of the country will come under one tax office for all purposes.
Persons eligible are manufactures or taxable service providers who had paid excise duty/service tax of more than 5 crores during the year preceding the year of application. Income tax assesses paying advance tax if more than 10 crores can also opt.
CA SUDHIR HALAKHANDI
(PRACTICING CHARTERED ACCOUNTANT)
(13196 Points)
Replied 04 January 2009
HOW MANY LTUs ARE OPENED YET AND AT WHICH PLACES?
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 05 January 2009
thanks for the information -please post some more details about this
Sherin Chacko
(CA)
(53 Points)
Replied 05 January 2009
Nitesh
(service)
(136 Points)
Replied 30 January 2009
Service tax dues for the month if greater than 50,00,000/- will entitle the company to be called LTU. The Service Tax dues will be paid online. The records of Serice tax shoudl be properly maintained. The input credit availed should not be more than 40% of Service tax Liability.
Rgds./Nitesh
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