Advance Ruling Under GST Regime

An Advance Ruling is a mechanism for the companies or individual assesses to seek clarification with respect to the position of a transaction under the relevant tax laws. The transaction can be a proposed transaction or if the particular tax law permits it can be the transactions already concluded. By means of advance ruling a written interpretation is received on the basis of the companies or individuals as the case may be strategies its particular transaction including as to how to manage taxes.

As per Section 94 of Advance Model CGST Act [hereinafter referred to as Act], an advance ruling means a written decision provided by the Authority/Appellate Authority as the case may be to an applicant on matters or on questions relating to the supply of goods and/or services proposed to be undertaken or being undertaken by the Applicant.