Customs Authority for Advance Rulings Regulations 2021 notified
Customs Authority for Advance Rulings Regulations 2021
CBIC has notified Customs Authority for Advance Rulings Regulations, 2021. The notification has been issued in exercise of the powers conferred by section 157 read with sub-section (1) of section 28H, sub-section (1) of section 28KA and sub-section (1) of section 28M of the Customs Act, 1962 (52 of 1962) and in supersession of the Authority for Advance Rulings (Customs, Central Excise and Service Tax) Procedure Regulations, 2005.
The new Regulation come into force from 4th January 2021.
The Advance Ruling The Authority shall have the power to hear and determine all applications and petitions, , reopen the hearing, examine of records and submission of report, conduct enquiry etc.
The Authority is vested with all the powers of a civil court in regard to the discovery and inspection, enforcing the attendance of any person and examining him on oath, issuing commissions; and compelling production of books of account and other records.
An application for obtaining an advance ruling is to be made in Form CAAR-1 before the jurisdictional Authority either at Delhi or Mumbai.
The applicant may withdraw his application within two weeks from the date of the application and thereafter only with the leave of the Authority
The Principal Commissioner or Commissioner are authorised to file appeal against the advance ruling in terms of sub-section (1) of section 28KA.
An authorised representative shall appear before the Authority in dress specified for the members of his profession by the competent professional body, if any.
Download Notification Click Here >>
- SEBI (LODR) (2nd Amendment) Regulations 2021. Secretarial compliance report mandatory for listed companies
- CBDT notifies five sovereign wealth funds u/s 10(23FE)
- MCA clarification on spending CSR funds for COVID care infrastructure, establishment of oxygen plants
- RBI relaxes norms for periodic updation of KYC by banks. Accounts operations not to be restricted till 31.12.2021
- CBDT prescribes limit & condition for exemption of value received in lieu of Travel Concession
