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Bill for common taxation authority tabled

Bill for common taxation authority tabled
PTI
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First Published: Fri, Dec 07 2007. 01 42 PM IST
Updated: Fri, Dec 07 2007. 01 42 PM IST
New Delhi: The government on 7 December introduced a Bill in the Lok Sabha for combining the authorities for income, service, customs and excise taxes into a common authority for advance ruling.
Finance Minister P. Chidambaram introduced the Authority for Advance Rulings on Central Taxes Bill, 2007 that sought to provide for the constitution of the Authority for Advance Rulings on Central Taxes consisting of a chairperson and three members.
At present, there are two authorities for advance rulings - Authority for Advance Rulings (Income-Tax) and Authority for Advance Rulings (Central Excise, Customs and Service Tax).
These authorities were established to enable applicants to obtain, in advance, binding rulings on issues which may arise in the determination of their tax liabilities.
“As the (new) Authority will be in lieu of the existing Authority for Advance Rulings (Income-Tax) and Authority for Advance Rulings (Central Excise, Customs and Service Tax), each consisting of a chairperson and two members, there will be no extra expenditure in constituting the Authority for Advance Rulings on Central Taxes and its supporting staff,” the Bill stated.
According to the objects and reasons stated in the Bill, during performance review of the authorities on advance rulings, “It was noticed that these authorities did not have adequate work to justify separate authorities with separate establishments.”
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First Published: Fri, Dec 07 2007. 01 42 PM IST