Dear All,
I have a query on Large Taxpayers Unit. As per the defination, in order to be eligibel to register under LTU any of following criteria needs to be fulfilled
(a) Duties of excise in cash or current account of rupees five crores or more under the Central Excise Act, 1944; or
(b) Service tax in cash or current account of rupees five crores or more under the Finance Act, 1994 read with Service Tax Rules, 1994; or
(c) Advance tax of rupees Ten crores or more under the Income-tax Act, 1961.
My query is whether availing credit under RG23A and RG23C can also be considered for arriving at 5 crores. The above defination speaks of either cash or current account. Can RG23A be considered under current account. What does the law maker mean by current account. I request the experts to kindly throw some light on the above matter.
CAclubindia
