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Introduction of General Anti-Avoidance Rules (GAAR) Delayed Due To Amendments

The GAAR application has been deferred by a year due to the protest of both foreign and Indian investors. This will be implanted on the year 2013 and 2014. In order to address the problem with GAAR, a special committee that will discuss the rules and guideline for the implementation of GAAR was established.

We have already told you about the introduction of GAAR a couple of months back when this year’s union budget was about to be announced.

This was also done in order to safeguard everyone who will be involved in these amendments. The proposal to create this committee was really timely since there were really not good rules and guidelines with the implementation of GAAR which complicates everything.

With this committee there will not be a team that will look at the proper implementation of GAAR and also for it to be more effective and accurate.

The good thing with pushing back GAAR is that there will be a short-term relief on part of the domestic market. This may get the sentiment of a lot of people, but still there are some bad effects when it comes to the number of people who will do investments.

The government of India should be firm in facing this problem before it would cause India to fall down.


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