Govt considering Vodafone request on tax demand
Minister of state for finance SS Palanimanickam told Parliament that the ministry was also examining suggestions from the Parthasarathi Shome committee on modifying the retrospective tax changes of 2012, that empowered the authorities to demand tax on the Vodafone deal despite a Supreme Court order favouring the company.
The government's response to the Shome committee's suggestions to bring certainty in tax laws will be reflected in the Finance Bill 2013 to be presented on February 28, Palanimanickam said in a written reply.
The government will also amend the Income Tax Act to implement the decisions taken on the General Anti-Avoidance Rules (GAAR) based on Shome's recommendations. The ministry had earlier decided to implement GAAR only from April 2016.
The retrospective amendments to the Income Tax Act introduced earlier this year by then finance minister Pranab Mukherjee had generated controversy as many global companies opposed the move. The changes were made after the Supreme Court favoured Vodafone in the tax dispute.
GSM subscriber base beats trend, grows marginally in January to touch 657.5 million
Beating the trend of a falling subscriber base, the GSM mobile subscriber base in the country grew marginally in January to touch 657.5 million, with net addition of 400,000 new customers over the previous month led by Idea Cellular, Airtel and Vodafone, according to data released by the GSM
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