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March 24, 2008 18:28 IST
After a delay of almost a year, the Large Tax Payers' Unit will be functional in Mumbai from March 28.
Large tax payers' unit allows companies to pay all their taxes -- excise duties, service tax and advance income taxes -- at a single point, cutting down inconvenience.
"Eighteen large tax payers have already given their consent to join the unit, which will be inaugurated by Finance Minister P Chidambaram on Friday," an income tax official said in Mumbai on Monday.
Rashtriya Chemical Fertiliser, Bajaj Auto Ltd [Get Quote], Bayer (India) Ltd, Cipla Ltd [Get Quote], Lupin Pharmaceuticals, Bank of India and Union Bank of India [Get Quote] are some of the major companies which have decided to come under LTU, the official said.
According to the official, the department was hoping to bring another 110 such tax payers on board in the coming fiscal.
Companies which have paid Rs 10 crore (Rs 100 million) as advance income tax or Rs 5 crore (Rs 50 million) as service tax or excise duty during the 2004-05 financial year or the subsequent fiscals are eligible to join this single-window scheme.
There are some 300 large tax payers in Mumbai, who are eligible under the scheme, which is optional the official said.
Chidambaram during his 2005-06 Budget speech had announced a proposal to set up LTUs in Delhi, Mumbai, Bangalore, Kolkta and Chennai.
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