Within 24 hours of Finance Ministry issuing the draft guidelines on
controversial General Anti-Avoidance Tax Rules (GAAR), the PMO appears
to have distanced itself from the proposal saying that were not seen by
Prime Minister Manmohan Singh and would be finalised only after his
approval.
“These (draft guidelines) have not been seen by the Prime Minister and
will be finalised with the approval of the Prime Minister, who holds the
Finance portfolio, only after considering the feedback received”, Prime
Minister’s Office (PMO) said in a release.
The Finance Ministry last evening had issued draft guidelines on GAAR - a
budgetary proposal to check tax evasion - to seek feed back of the
stake holders.
The draft guidelines seek to address the concerns of the investors over
misuse of the tax proposal. Besides other things, it said that 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.
PTI
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