Government has time to review GAAR implementation an official said

Q: Hi, Our government is yet to decide on whether the controversial general anti-avoidance tax law GAAR should be implemented as scheduled and has enough time to review that.

Neeraj Rao,

17th July 2014

Real estate News in Delhi

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Replies (2)

Hi Vasanth,
The government had earlier proposed imposing the General Anti-Avoidance Rules (GAAR) from April 1, 2015, for those claiming tax benefit of over Rs 3 crore. The rules are aimed at minimising tax avoidance for investments made by entities based in tax havens.

Abhishek,

17th July 2014

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Hi Abhshek,
So you mean to say that the as per the existing proposal, investments made after March 2013 will be covered under GAAR with effect from assessment year 2016-17.

Vasanth,

17th July 2014

Yes, you are absolutely right,
And the issue came to light after Minister of State for Finance Nirmala Sitharaman, in a written reply to the Lok Sabha last week, said that GAAR will be applicable from April 1, 2015.

Abhishek,

17th July 2014

Even on Goods and Services Taxes (GST), the government is committed to bring about GST during this fiscal year and they are working towards that.

Vasanth,

17th July 2014

yAH,
I heard their speech he said that they have DTC draft bill which is based on inputs of recommendations of Parliamentary Standing Committee and the government will analyse it.

Abhishek,

17th July 2014

Hi,
There is enough time for the government to review that and it is the fact that the new government is yet to take view on GAAR that is why they the issue of GAAR was not on the table for this Budget. It was not an issue on which the government had to make an announcement in this Budget.

Vasanth,

17th July 2014

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