Tax Hotline
February 04, 2002
Advance Ruling Mechanism introduced in the Customs and Excise Laws of India
The Government of India (“GOI”) has finally constituted the Authority of Advance Ruling (AAR) under the Customs and Central Excise Act. After a delay of nearly three years the GOI, in a bid to accelerate inflows of foreign direct investment (FDI) in to the country, has started the process of appointing three members who will form the AAR for the Customs and Excise laws purposes.
AAR will offer foreign investors clarity and certainty on excise and customs obligations before they commence operations in the country. AAR will give its decision on three main issues pertaining to classification, applicability of exemption notifications and the principles to be adopted for valuation of goods. The AAR for customs and excise is largely being formulated on the lines of the AAR for income tax.
Source: The Times of India, February 4, 2002
Disclaimer
The contents of this hotline should
not be construed as legal opinion. View detailed disclaimer.
This hotline does not constitute a
legal opinion and may contain information generated
using various artificial intelligence (AI) tools or
assistants, including but not limited to our in-house
tool,
NaiDA. We strive to ensure the highest quality and
accuracy of our content and services. Nishith Desai
Associates is committed to the responsible use of AI
tools, maintaining client confidentiality, and adhering
to strict data protection policies to safeguard your
information.
This hotline provides general information
existing at the time of preparation. The Hotline is
intended as a news update and Nishith Desai Associates
neither assumes nor accepts any responsibility for any
loss arising to any person acting or refraining from
acting as a result of any material contained in this
Hotline. It is recommended that professional advice
be taken based on the specific facts and circumstances.
This hotline does not substitute the need to refer to
the original pronouncements.
This is not a spam email. You have
received this email because you have either requested
for it or someone must have suggested your name. Since
India has no anti-spamming law, we refer to the US directive,
which states that a email cannot be considered spam
if it contains the sender's contact information, which
this email does. In case this email doesn't concern
you, please
unsubscribe from mailing list.
|