ADVANCE RULING UNDER GST REGIME A SIMPLER AND QUICKER WAY TO AVOID LITIGATIONS AND NON COMPLIANCES OF LAW
The Management Accountant|July 2020
Now-a-days, there is an increase in the violations of laws. Most of such violations arise due to lack of knowledge on such laws. This has increased cost of litigations as well as wastage of time because of involving in such litigations as it takes years to put a fullstop to such litigations. So, the Central government has taken a step to establish legal bodies which are called Advance Ruling authorities wherever necessary under respective Acts. Such authorities so established provides guidance on transactions for which such application is made to them, thereby avoiding litigations and non-compliances of law which arise due to lack of knowledge on such laws.
Maruvada Bapu Venkatesam
ADVANCE RULING UNDER GST REGIME A SIMPLER AND QUICKER WAY TO AVOID LITIGATIONS AND NON COMPLIANCES OF LAW

In India, most of the violations of laws are due to lack of knowledge on such laws. This paved way to establishment of authorities under respective laws which can decide over the transactions in litigation well before in advance before commencing of such transactions. Such authorities are known to be Authority for Advance Ruling. An advance ruling means written opinion or decision by an authority which was empowered to render it with reference to tax consequences of a transaction of proposed transaction or assessment of such transactions thereto. The concept of advance ruling was first introduced in the year 1993 in Income tax Act through Finance Act brought in that year. Such authorities for advance ruling are considered to be independent adjudicatory bodies. The rulings issued by authorities for advance ruling are generally binding on applicants and departments.

Under the Goods and Services Tax(GST) regime, the advance ruling helps applicant in planning and performing his activities which are liable to payment of GST well in advance and within the scope of law. It helps assesses in avoiding litigation costs which arise in future due to noncompliance of such law. Advance ruling can be obtained for a proposed transaction and also for a completed transaction

The following are the matters that are specified for ruling in GST Act, 2017:

Objectives of Advance ruling:

The broad objectives for setting up a mechanism for advance ruling are:

• To provide certainty in taxability and tax liability well in advance to the activity proposed to be undertaken

• Attract Foreign Direct Investments into India

This story is from the July 2020 edition of The Management Accountant.

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