TaxTMI 
TaxTMI 
TaxTMI 
Extending Advance Ruling of Resident Pvt. ltd. Co.
RAM SHARMA
Dear Experts,What will be the benefit of recently announced advance ruling in financial budget 2015-16. Please explain excise, service tax and custom point of view.Thanks
Advance Rulings Expanded: Private Companies Can Now Seek Certainty on Excise, Service Tax, and Customs Rates A query was raised regarding the benefits of the advance ruling announced in the 2015-16 financial budget, specifically concerning excise, service tax, and customs. Previously, only foreign entities could approach the advance ruling authority. Now, private limited companies can also apply to gain certainty on applicable rates. However, once a decision is made, it is binding on the applicant, regardless of its correctness. It has been observed that advance rulings can sometimes be biased towards revenue. (AI Summary)