Central Taxes Bill authority for advance ruling introduced

New Delhi, Dec 7 (UNI) An authority for Advance rulings on Central Taxes Bill, 2007, was introduced in the Lok Sabha today which seeks to merge two such separate authorities - one for income tax areas and other for central excise, customs and serivce tax.

Introducing the Bill, Finance Minister P Chidambaram said the separate authorities established under two different Acts - Income Tax Act of 1961 and Central Sales Tax Act of 1956 - did not have adequate work to justify existence of two separate establishments.

Hence, a common authority for issuing advance rulings for determination of tax laibilities is being constituted.

Consequential amendments to the relevant provisions of the Income Tax Act, Central Excise Act, Central Sales Tax Act and the Finance Act, 1994 are also sought to be done through the Bill, Mr Chidambaram added.

UNI