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The introduction of Goods and Service Tax is considered as the greatest transformation for the tax regime in India as it is set to replace all the indirect taxes and step towards the one nation one tax approach introduced by the government.
However, it is a new law and all the sections of society are trying to figure out how they and their business will be impacted by this new law. Here, the advance ruling comes into the picture. Now the big question is what Advance Ruling under GST is.
When any taxpayer, whether they are individuals or multinational corporations have any confusion about any tax laws or rules laid thereon they can make an application for an advance tax ruling looking for the interpretation of such laws. In other words, we can say that it’s a clarification in the written form given by the authorities in response to an application made by the taxpayer.
The objective of advance ruling under GST is:
Goods and Service Tax laws also provide for an advance ruling provisions in CHAPTER XVII of the Central Goods and Service Tax. The provisions of this chapter clearly specify that any person who wishes to receive an advance ruling under this chapter is required to file an application stating their question is the prescribed manner along with the prescribed fee for the same.
Any person who is not satisfied with the advance ruling under this section has an option to file an Appeal against Advance Ruling within 30 days after the decision is passed to the appellate authority for an advance ruling.
One can apply for tax ruling under GST in respect of the following:
Any person can make an application for an advance ruling under GST; however, in the given two cases no application for the advance ruling is entertained:
The process of advance ruling process is as follows:
The authority of advance ruling is required to pass an advance ruling in relation to any application made to them within 90 days from the date they received the application for the advance ruling.
As per GST, the advance ruling is a written decision provided by tax authorities to an applicant on queries pertaining the supply of goods/services. In case you have any other query regarding GST or related laws, contact Enterslice.
Read our article:
GST on Marketing and Advertising: Tax Implications
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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