Two-year GAAR respite will help tackle irritants
An expert committee headed by Parthasarathi Shome to review GAAR had submitted its final report in September 2012. The report, which had been under the consideration of the government for some time, has been made public along with the FM’s statement. While the interim recommendations of the expert committee, made available for public comments, had raised hopes for a more balanced GAAR regime with the addressing of a substantial number of genuine concerns, the anxiousness had only partly abated as there was no visibility of its acceptability by the government. The report that the Central Board of Direct Taxes was against some of the recommendations, especially those related to deferment of GAAR, also didn’t help much.
The decision to accept major recommendations, albeit with some modifications, should finally bring some relief. While the fine print will be known once Budget 2013 is unveiled, some of the broader decisions are certainly welcome and have cheered sentiments. Let us look at some of the important aspects and implications.
GAAR being deferred by two years should provide the much-needed
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