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The finance ministry started consulting with business on the General Anti-Avoidance Rule (GAAR), which is going to be implemented from the next financial year.


For this it wants to know the concerns of industry on board and hence invited comments from stakeholders on the guidelines by June 30. Several stakeholders and industry associations have represented that guidelines for implementation of ‘GAAR’ be issued, so that there is adequate clarity in this regard. The general public and stakeholders are, therefore, requested to provide their inputs on the provisions in respect of which further clarity is required, from its implementation perspective, the ministry stated. The finance ministry started consulting with business on the General Anti-Avoidance Rule (GAAR), which is going to be implemented from the next financial year.


For this it wants to know the concerns of industry on board and hence invited comments from stakeholders on the guidelines by June 30. Several stakeholders and industry associations have represented that guidelines for implementation of ‘GAAR’ be issued, so that there is adequate clarity in this regard.


The general public and stakeholders are, therefore, requested to provide their inputs on the provisions in respect of which further clarity is required, from its implementation perspective, the ministry stated. The ministry has asked the stakeholders to put forward their doubts and concerns regarding the structure and to avoid hypothetical situations. GAAR norms were initially proposed as Direct Taxes Code by then finance minister Pranab Mukherjee in Budget 2012-13. However, it was postponed till next financial year because of lack of preparedness.


GAAR can override tax treaties as well. Sunil D Shah, partner, Deloitte Haskins & Sells, said: It is expected that more clarity will be available once the guidelines are framed setting out what types of arrangements would be impacted by the GAAR provisions. This will enable businesses to better plan their transactions.


  It is a summarization of an article from business standards. For more details, visit http://www.business-standard.com/article/economy-policy/finmin-seeks-suggestions-on-gaar-guidelines-116052701140_1.html



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