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PMO Says Singh to Review Controversial GAAR Guidelines

  • By PTI

  • Jun 29, 2012
  • NEW DELHI, India

    Within 24 hours of the Finance Ministry issuing draft guidelines on the controversial General Anti-Avoidance Tax Rules, the Prime Minister’s Office distanced itself from the proposals, saying Prime Minister Manmohan Singh has not seen them. The guidelines would be finalized only after his approval, his office added.

    The Finance Ministry on Thursday evening issued the draft guidelines on GAAR – a budgetary proposal to check tax evasion – to seek the feedback of the stakeholders.

    The draft guidelines seek to address the concerns of the investors over misuse of the tax proposal. Among other things, it said there would be a threshold limit for invocation of GAAR and it would apply on income accruing after April 1, 2013.

    In view of the widespread protest against the proposal, former Finance Minister Pranab Mukherjee postponed its implementation by a year to April 2013.

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