Advance ruling provides binding determinations on classification, tax liability and input credit under GST regime.
Advance Ruling under Central GST issues applicant specific determinations on classification of goods or services, admissibility of input tax credit, time and value of supply, registration status and tax liability for proposed transactions. Applicants file a prescribed form with fee and are entitled to personal hearing before adverse action; the Authority must pronounce rulings within the statutory period, issue certified copies, and rulings bind concerned officers unless obtained by fraud. Appeals and correction mechanisms exist, and appellate bodies have civil court powers for evidence and inspection. (AI Summary)

Foreign exchange contravention penalties under FEMA restrict possession of foreign assets and impose penalties and imprisonment.
The Foreign Exchange Management Act prohibits residents from acquiring, owning, holding, transferring or possessing foreign exchange, foreign securities or immovable property outside India; residence is determined by statutory residence criteria. Contraventions of FEMA provisions, rules, directions, regulations and Reserve Bank authorisations attract monetary penalties (including higher penalties for quantified breaches and daily penalties for regular contraventions), confiscation of equivalent value in India for excess foreign asset holdings, and criminal punishment including imprisonment with fine. Converted forms of property such as bank deposits and domestic currency fall within the scope of penalty and confiscation provisions. (AI Summary)

SEZ to DTA removals treated as taxable transfers subject to customs duties and IGST, with prescribed procedural formalities.
Removals from SEZ to DTA are taxable transfers requiring payment of applicable customs duties and IGST, with duty and valuation at rates in force on clearance or on payment; SEZ Rules impose Foreign Trade Policy compliance for DTA sales, special procedures for scraps, precious metal residues and power transfers, and customs procedures for valuation and assessment. DTA buyers must file a bill of entry for home consumption; capital goods moved to DTA incur duty on depreciated value using the straight line method and may be returned for repair within six months subject to identity. (AI Summary)