CBIC rescinds Customs (Advance Ruling) Rules, 2002.

The Central Board of Indirect Taxes and Customs vide its notification dated 4th January 2021 has decided to rescind the Customs (Advance Ruling) Rules, 2001 which were made to provide certainty in tax liability under the Central Excise, Customs and Service Tax laws in advance in relation to an activity proposed to be undertaken by the applicant.

Further CBIC has published the Customs Authority for Advance Rulings Regulations, 2021 which specifies the powers of the authority, form, and manner of filing an application before the authority for advance ruling.