Bill Proposes Unified Authority for Advance Rulings to Enhance Tax Efficiency and Amend Multiple Tax Laws.

The Authority for Advance Rulings on Central Taxes Bill, 2007, proposes the creation of a unified Authority for Advance Rulings to streamline operations and improve efficiency. Currently, there are two separate authorities under different tax laws, which have been deemed unnecessary due to insufficient workload. The new legislation aims to consolidate these into a single authority, providing binding rulings on tax liabilities for applicants. The Bill also includes necessary amendments to existing tax laws, including the Income-tax Act, Customs Act, Central Excise Act, Central Sales Tax Act, and the Finance Act, to facilitate this transition.