Concept of Advance ruling under Goods and Services Tax Act

Abstract

The term “Advance Ruling” denotes any decision given by the authority to its applicant for the purpose of planning certain activities for the payment of Good and Services Tax. Authority and appellate authority for advance rulings helps the applicant in providing the information related to payment of indirect tax or questions prescribed in Section 97(2), 100 (1) of the “Central Goods and Services Tax Act, 2017” in terms of goods and services taken on by the applicant. This definition of advance ruling can be interpreted broadly as the implementation of GST Act has improved the definition of advance ruling, it covers a proposed transaction and transaction that has already been taken by the applicant. The aim of this research study is to identify the scope of advance rulings, analyse the role and performances of authority of advance rulings and examine the issues pertaining to advance rulings and suggest the required changes, according to the author’s knowledge. The methodology of the research that has been followed in the present study is a Doctrinal research methodology which helps the researcher to arrive at conclusion by collecting qualitative data from the secondary sources.