Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: VAT Audit :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Customs and Excise »
 Rate of exchange of conversion of the foreign currency with effect from 3rd February, 2017
 Budgetary Changes In Customs
 Customs and excise officials upset with GST administration deal with states
 Higher petro excise props up govt tax kitty
 Seeks to further amend notification No. 02/2011-Central Excise dated 1st March, 2011.
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962

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