Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TDS :: VAT Audit :: due date for vat payment :: empanelment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: list of goods taxed at 4%
 
 
Customs and Excise »
 Refund of IGST paid on export of goods under rule 96 of CGST Rules,2017
 Customs And Central Excise Drawback – Part II
 Customs Valuation (Determination of Value of Imported Goods) Rules 2007
 Amendment to Customs Valuation Rules – Notification No. 91/2017 (NT)
 GST on Custom House Agents
 The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes
 The Customs and Central Excise Duties Drawback Rules, 2017
 Man fleeing from Customs arrested
 Refund of amount on account of double-payment of Customs
 SC paves way for trial against RIL in 1987 excise evasion case
 GST: Govt sets up panel to receive profiteering complaints

Advance ruling facility extended: Excise
August, 22nd 2009

Public sector companies can now seek advance ruling on Customs, Central Excise and Service Tax matters.

Also, Indian companies (those considered as resident under the Income-Tax law) have now been allowed to seek advance ruling on project imports.

The Centres move to extend the advance ruling facility to public sector companies comes nearly a decade after the concept was introduced for foreign investors in respect of central excise and customs duty. The advance ruling scheme was introduced for customs and central excise in 1999 and later expanded in 2003 to include service tax

The scheme assured foreign investors in advance about their likely indirect tax liability. As the advance rulings are binding on both the applicant and the Revenue department, the possibility of disputes and litigation subsequently are almost nil, say tax experts.

Till date, the advance ruling facility was available only for a non-resident setting up joint venture in India; or a resident setting up a joint venture in India in collaboration with a non-resident; or a wholly-owned subsidiary Indian company, of which the holding company was a foreign company.

This is a positive step. Many public sector companies are facing litigation. With this move, they can now approach advance ruling authority although it can be only for prospective transactions, Mr Pratik Jain, Executive Director, KPMG told Business Line.

The Standing Committee on Finance had suggested that the PSUs should be allowed to avail themselves of the advance ruling facility. A committee constituted by CBEC had also suggested that this facility be given to PSUs as they were already getting this benefit for direct taxes.

An advance ruling assures the applicant of the finality of the tax liability and hence frees up time, energy and money taken up by legal battles which mostly become long-drawn.

Mr R. Muralidharan, Executive Director, PricewaterhouseCoopers (PwC), said that the Centres move was welcome decision. He, however, felt that this should be progressively introduced to the private sector so that everyone benefits from clarity and certainty of the tax liability.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions