Common Advance Ruling Authority for Income Tax, Customs, Central Excise and Service Tax.

By Vijay Kumar

The Union Cabinet gave its approval for introduction of a new legislation to provide for constitution of a single Authority for Advance Rulings on Central Taxes as a substitute for the Authority for Advance Rulings constituted under the Income Tax Act, and the Authority for Advance Rulings (Central Excise, Customs and Service Tax)

The approval will facilitate the constitution of a common Authority for Advance Rulings.

Ministry of Finance will undertake the Legislation on introduction of the Authority for Advance Rulings on Central Taxes Bill, 2007 in the ensuing session of Parliament.