Advance Ruling news

GST Authorities of Advance/Appellate Rulings-Status Upto April 2019 

Authority for Advance Ruling (AAR) constituted under the provisions of a SGST/ UTGST Act, in terms of the provisions of Section 96 of the CGST Act, 2017 to render ruling on issues specified under Section 98 of the CGST/SGST Act which are binding on respective tax authority and tax payers. Being aggrieved by said Ruling, […]...

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Writ in Madras HC against constitution of GST Authority for Advance Rulings

Revenue Bar Association has filed and Writ Petition in Madras High Court under Article 226 of the Constitution of India seeking a writ of declaration to declare: a) Chapter XVII of the Central Goods and Services Tax Act, 2017, more particularly, sections 96 and 99 of the Central Goods and Services Tax Act, 2017 relating […]...

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Host all GST advance ruling judgement at one website

ICAI has requested Government to host all the advance ruling judgement at one website either at CBIC or GST Council. ICAI is Apex Body of Chartered Accountants in India. The Authority for Advance Ruling constituted under the GST Laws, have been delivering its judgement regularly on the various cases before it. Presently, there is no [&hel...

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Creation of two additional benches of the Authority for Advance Rulings (Income Tax)

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to the following:- i. Creation of two additional benches of the Authority for Advance Rulings (Income Tax), one in New Delhi and one new bench in Mumbai; ii. creation of two posts of Vice-Chairmen in the Apex scale and four […]...

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Concessional rate of tax for foreign oil exploration and production companies

Income of foreign companies providing technical services and data to oil exploration and production companies in India will be taxed at a concessional rate, the Authority for Advance Rulings (AAR) on income tax has said in a recent decision. The ruling will be a big help to oil prospecting companies in India as they step up exploration ac...

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Foreign Foreign companies or individuals, including FII can enjoy lower capital gain tax

According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are entitled to a beneficial rate of tax of 10% on long-term capital gains arising from the sale of shares of listed entities. Earlier, non-resident assessees were taxed at the rate of 20%....

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Facility of advance ruling on service tax and excise matters extended to PSU and resident Indian companies

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 Center’s move to extend the advance ruling facility to public sector companies comes n...

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Foreign companies can also claim benefit of lower Rate of Tax on Capital Gain from securities transaction

Foreign companies cannot be discriminated vis-a-vis Indian firms so far as capital gains tax on securities transaction is concerned, according to an order by the Authority for Advance Rulings (AAR). Giving its ruling in a case related to UK-based Fujitsu Services, AAR said the company should also be given an option of paying tax at [&hell...

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Government merged the Authority for Advance Rulings (AAR) for direct and indirect taxes

The government has merged the Authority for Advance Rulings (AAR) for direct and indirect taxes, the two arms of Finance Ministry, where overseas firms and Non-Resident Indians can know their tax liabilities.To further enhance efficiency in tax administration, I intend to merge the two Authorities for Advance Rulings on Direct and Indirec...

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Book profits law gets stringent

In the Bank of India case, the Authority for Advance Ruling pointed out that the section levying MAT should be considered a self-contained code. It should prevail over the other provisions of the I-T Act. The Minimum Alternate Tax (MAT) has been in vogue intermittently for nearly 20 years. It has undergone several changes in structure. Bu...

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