BackNDA govt yet to take a call on GAAR
As per the existing rules, General Anti Avoidance Rules (GAAR) is slated to come into effect from 1 April 2015
Premium
New Delhi: The National Democratic Alliance government is yet to take a call on the implementation date of the general anti-avoidance rules, fears around which tanked the stock markets on Friday, revenue secretary Shaktikanta Das said on Saturday.
As per the existing rules, General Anti Avoidance Rules (GAAR) is slated to come into effect from 1 April 2015. GAAR will empower the tax department to invalidate transactions that have been undertaken to deliberately avoid paying tax.
There was an expectation that the new government will postpone the implementation of GAAR to a future date.
The fact that finance minister did not mention the postponement of GAAR. In addition, in response to a Parliament question, the government stated that GAAR will be implemented from april 2015.
“The answer to the Parliament question stated the current legal position. The new government is yet to take a stand on GAAR," he said while addressing the post budget session at industry chamber FICCI.
The benchmark sensex fell 1.37% or 348.3 points to 25,024.35 points on Friday.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
