Advance Rulings consolidation creates a single Authority to issue binding rulings across central taxes and laws. The Bill establishes a single Authority for Advance Rulings for central taxes by consolidating separate advance ruling bodies into one statutory authority to issue in advance binding rulings on taxpayers' central tax liabilities, and provides for consequential amendments to the Income tax Act, Customs Act, Central Excise Act, Central Sales Tax Act and Finance Act to vest jurisdiction and procedural powers in the new Authority.
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Advance Rulings consolidation creates a single Authority to issue binding rulings across central taxes and laws.
The Bill establishes a single Authority for Advance Rulings for central taxes by consolidating separate advance ruling bodies into one statutory authority to issue in advance binding rulings on taxpayers' central tax liabilities, and provides for consequential amendments to the Income tax Act, Customs Act, Central Excise Act, Central Sales Tax Act and Finance Act to vest jurisdiction and procedural powers in the new Authority.
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