New Delhi, Dec 22 (IANS): The GST Council on Saturday gave its approval to creation of a Centralised Appellate Authority for Advance Ruling (AAAR) by amending the GST Act.
According to the Ministry of Finance, the GST Council in its 31st meeting held here gave in-principle approval to the creation of AAAR to deal with the cases of conflicting decisions by two or more State Appellate Advance Ruling Authorities on the same issue.
In addition, the Council also approved amendments to "Section 50 of the CGST Act", which would allow interest to be levied only on the net tax liability of the taxpayer, after taking into account the admissible input tax credit.
"The above recommendations of the Council will be made effective only after the necessary amendments in the GST Acts are carried out," the Ministry said in a statement.