GAAR deferred for 2 years by April 2016

The government assuaged the concerns of investors at home and abroad who were worried about the impending implementation of the controversial GAAR (General Anti Avoidance Rules) by deferring it by two years till April 1, 2016.

The deferment and other modifications in GAAR provisions shows the acceptance of the suggestions of the Parthasarathi Shome Committee, which was set up by Prime Minister Manmohan Singh to address concerns of investors on the Budget provision in this regard and the subsequent withdrawal of portfolio investment by foreign investors.

Month: Current Affairs - January, 2013