Amendment of section 28J.
92. In section 28J of the Customs Act, for sub-section (2), the following sub-section shall be substituted, namely:––
“(2) The advance ruling referred to in sub-section (1) shall remain valid for three years or till there is a change in law or facts on the basis of which the advance ruling has been pronounced, whichever is earlier:
Provided that in respect of any advance ruling in force on the date on which the Finance Bill, 2022 receives the assent of the President, the said period of three years shall be reckoned from the date on which the said Finance Bill receives the assent of the President.”.
Notes on Clauses:
Clause 92 seeks to substitute sub-section (2) of section 28J of the Customs Act so as to provide that advance ruling under sub-section (1) of that section shall remain valid for a period of three years or till there is a change in law or facts on the basis of which the advance ruling has been pronounced, whichever is earlier.
It further seeks to insert a proviso in the said sub-section so as to provide that in respect of advance rulings in force on the date the Finance Bill, 2022 receives assent of the President, the said period of three years shall be reckoned from the date on which the said Finance Bill receives assent of the President.
