Extending Advance Ruling of Resident Pvt. ltd. Co., Central Excise

[RAM SHARMA]

Dear Experts,What will be the benefit of recently announced advance ruling in financial budget 2015-16. Please explain excise, service tax and custom point of view.Thanks

Posts / Replies

[Madhukar N Hiregange]

Eralie ronly foreign entities were alolowed to approach the advance ruling authority. Now if a pvt lts co wishes to have certainty on the rate applicablethey may apply.

However it maybe noted that once the decision is given then rightly or wrongly the same would be binding on the party seeking advance ruling. At times it has been seen that the advance ruling is done with revenue bias at times