Tax payment facility liberalized in calcutta

Last updated: 04 February 2008

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TAX PAYMENT FACILITY LIBERALIZED IN CALCUTTA

A large taxpayer unit would be initiated in Calcutta. As according to Chidambaram, company such as MRF used to pay its various taxes at around 100 places and jurisdictions across the country,which is a hindrance to time. So, this unit would serve as a single-window facility for all matters related to excise duties, service levies and advance income taxes instantaneously .

Eligibilty of a company to pay taxes at this unit is subjected to the fulfillment of any one of the three criteria:-

1. It pays at least Rs 5 crore central service tax;

2. It pays at least Rs 5 crore central excise duty;

3. It pays at least Rs 10 crore advance tax.

At such a unit, companies will deal with only one senior level officer — a client executive — for any assistance, clarification and grievance redressal. This unit will comprise of a chief commissioner with whom the clients can resolve their problems within the limits of Law.

Bangalore is enjoying this facility. Chennai-based Indian Overseas Bank has opted to pay its taxes through the unit. Twenty-five large companies have already joined the Chennai unit. The Indian Bank and all the private sector banks in Tamil Nadu will also be brought under the large taxpayer unit as expected.The upcoming projects have been assigned to commence at Mumbai in March, followed by Delhi and Calcutta.

An increment in Tax Collections via this channel is being expected by Finance Minister, P. Chidambaram.

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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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