(1) Any registered dealer may apply in the prescribed form and manner, to the Tribunal for obtaining an advance ruling on any disputed question relating to,-

(i) determination of rate of tax of a particular commodity, or

(ii) admissibility of input tax credit on a particular transaction of purchase and if admissible, the conditions and restrictions subject to which such Input Tax Credit shall be admissible.

(2) If, in the opinion of the Tribunal, the application does not relate to any disputed question as referred to in sub-section (1) or the application is incomplete or incorrect, the Tribunal may, after giving the applicant a reasonable opportunity of being heard, reject the application.

(3) An application seeking Advance Ruling by any registered dealer shall not be entertained on the following grounds, namely:-

(i) if the disputed question on which Advance Ruling has been sought is the subject matter of any assessment or appeal proceeding concerning the said dealer, or

(ii) if the disputed question arises from any order already passed under this Act.

(4) (a) On admission of the application, the bench constituted for the purpose under clause (d) of sub-section (3) of section 4, shall, after hearing the applicant and the Commissioner or his authorized representative, pronounce its advance ruling on the question specified in the application.

(b) The decision of the majority of members in the bench shall be final in case the members differ in their opinion.

(c) The pronouncement of the advance ruling shall be made by the bench within four months of the receipt of the application by the Tribunal.

(5) (1) The advance ruling so pronounced shall be prospective in effect and shall be binding on the applicant who sought the ruling under sub-section (1) in respect of the question raised in the application, and on the authorities appointed or constituted under the Act in all similar cases situated in similar facts and circumstances.

(2) The Advance Ruling so pronounced under sub-section (4) shall be binding unless there is a change of law on the basis of which the advance ruling has been pronounced and accordingly no such question shall be entertained in any proceeding by any authority appointed or constituted under this Act, save as provided in section 80.

(6) The advance ruling so pronounced by the Advance Ruling Authority shall have effect on other dealers situated in similar facts and circumstances of any case.

(7) Where the Advance Ruling Authority founds, on a representation made to it by the Commissioner or otherwise, that an advance ruling pronounced by it under sub-section (4) has been obtained by the applicant by fraud or misrepresentation of facts, it may, by order and after giving opportunity being heard, declare such advance ruling to be void ab initio and thereupon all the provisions of this Act shall apply to the applicant as if such advance ruling had never been made.

(8) On receipt of representation from the Commissioner or application from the applicant indicating change of law or fact basing on which advance ruling was pronounced under sub-section (4), the Advance Ruling Authority shall have the power to modify the said ruling after hearing the parties to the advance ruling.

(9) Time spent in obtaining an Advance Ruling, or disposal of the application for advance ruling or otherwise, or orders passed under sub-section (7) or sub-section (8) shall be excluded while counting the period of limitation prescribed under the Act for doing anything under this Act.