Finance ministry finalises GAAR amendments: Chidambaram

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SME Times News Bureau | 20 Nov, 2012
The Centre has finalised the amendments to General Anti-Avoidance Rules, GAAR, the law against tax avoidance through foreign investments, said Finance Minister P Chidambaram.

Chidambaram disclosed that that amendments to GAAR have been finalised. He added that the Finance Ministry has finalised the amendments to the Chapter 10A of the Income Tax Act.

Chapter 10A of the Income Tax Act deals with taxation of investments.

GAAR which was proposed in 2012-13 budget with a view to preventing tax evasion, evoked sharp reactions from foreign as well as domestic investors who feared that unbridled powers to taxmen would result in harassment of investors.

The government later appointed a committee headed by tax expert Parthasarthi Shome to look into their concerns.

Chidambaram, during a interview, spoke on a variety of subjects including his optimism on meeting disinvestment and spectrum sales target, confidence on pushing through with reforms measures and the relationship with RBI which he said was not antagonistic.

Speaking over the issue of subsidised LPG Cylenders, Finance Minister said that it is for Petroleum Ministry to consider raising the cap.

Chidambaram also indicated that the proposal to set up the National Investment Board for expediting clearance to large projects will soon come up for approval before the Cabinet.