Large Taxpayers Units (LTUs) scheme, a dream project of the UPA government, is set to be abolished with the introduction of Goods and Service Tax (GST) regime. CBEC documents on structural changes under GST, accessed by DNA Money, show that the much-hyped single window tax facilitator for large taxpayers would be abolished a decade after it was formed in 2006. Some experts believe that LTUs failed to fulfill the expectation of large taxpayers. Rather, we should extend the concept to STUs (Small Taxpayers Units) in the GST regime. The idea behind LTUs was to focus on large taxpayers.

Source: dna October 18, 2016 10:40 UTC