Friday, 27 January 2017

GAAR to become applicable from 2017-18

In a bid to bring clarity in tax rules for foreign entities in India and their transactions, the government on Friday said the General Anti-Avoidance Rule (GAAR) to plug taxation loopholes, but yet recognise genuine players, will be applicable from 2017-18. "Stakeholders and industry associations had requested for clarification on implementation of GAAR provisions and a working group was constituted by Central Board of Direct Taxes (CBDT) to examine the issues raised," an official statement said. "Accordingly, CBDT has issued the clarifications on implementation of GAAR provisions today."

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