India's Finance Ministry Defines "Resident Firm" for Advance Ruling Under Customs Act 1962, Includes LLPs and Sole Proprietorships.
The Government of India, through the Ministry of Finance, has issued a notification under the Customs Act, 1962, specifying "resident firm" as a class of persons eligible for the Advance Ruling scheme. This includes entities defined under the Indian Partnership Act, 1932, such as limited liability partnerships (LLPs), sole proprietorships, and One Person Companies. The term "resident" is defined as per the Income-tax Act, 1961. This notification aims to guide importers, clearing agents, and the trading public, and is available for reference on the official website.
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