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GAAR - Govt to set up panel to finalise guidelines

By TIOL News Service

NEW DELHI, APR 30, 2016: The Government is committed to implement General Anti Avoidance Rule (GAAR) in the country from the next financial year. The commitment of the Government to implement GAAR from 1.4.2017, i.e., Assessment Year 2018-19 relevant to the Financial Year 2017-18, is also reflected in the Budget Speech 2016 delivered in the house on 29.02.2016.

The Government has taken following steps to overcome the hurdles and implement the GAAR:

•  The provisions relating to GAAR are contained in Chapter XA and Section 144BA of the Income-tax Act, 1961.

•  Necessary rules for implementing GAAR have also been notified.

Further, the Government would be constituting a panel as mandated by the law and also, provide for the guidelines on practical aspects relating to implementation of GAAR, in due course.

This was stated by Mr Jayant Sinha, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha yesterday.


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