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of <h1>India Launches Large Taxpayer Units to Streamline Excise, Corporate, and Service Tax Processes for Big Entities.</h1> The circular outlines the establishment of Large Taxpayer Units (LTUs) in India, as announced by the Finance Minister in the 2005-06 budget. LTUs serve as centralized facilitation centers for large taxpayers dealing with excise duty, corporate tax, and service tax. The first LTU began operations in Bangalore on October 3, 2006. Key changes include the introduction of new rules for the transfer of goods and credits between units, self-adjustment of excess duty, and electronic payment of taxes. The circular emphasizes a taxpayer-friendly approach, aiming to improve compliance and streamline tax processes for large entities.
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