GAAR implementation to be deferred by a year: FM

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GAAR implementation to be deferred by a year: FM By TII News Service May 07, 2012 , New Delhi
IN a sudden turn of events, the Union Finance Minister, Mr Pranab Mukherjee, seems to have made a strategic withdrawal by announcing the deferment of proposed GAAR by a year. Participating in the debate on the Finance Bill, 2012, in the Lok Sabha today, the FM stuck to his guns on the retrospective amendments but decided to remove the clouds of doubts over GAAR implemention, created largely by the FIIs. It is also learnt that the Mauritian Prime Minister had shot off a letter to the Indian Prime Minister requesting for relaxation of invocation of GAAR to the companies registered in Mauritius.

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