- What is Advance Ruling?
Advance ruling a mechanism prescribed under a taxing statute to seek clarity on applicability of respective tax. Such rulings or decisions are obtained in advance prior to undertaking a transaction by making suitable applications before the prescribed authorities. Under GST, advance ruling can be sought on any of the following matters;
- Classification of goods or services or both
- Applicability of a notification issued under the provisions of GST Law
- Determination of time and value of supply of goods or services or both
- Admissibility of Input Tax Credit of tax paid or deemed to have been paid
- Determination of liability to pay tax on any goods or services or both
- Whether registration is required
- Whether anything done with respect to goods or services or both amounts to or results in supply of goods or services or both.
