Hectic parleys are on between the Prime Minister-appointed GAAR panel and various stakeholders’ on the draft set of anti-avoidance rules prepared by the Revenue Department.
The consultations will be further intensified in the coming days, the GAAR panel head, Dr Parthasarathi Shome, said on the sidelines of an Assocham seminar here.
GAAR allows the revenue authorities to deny the tax benefits of transactions or arrangements that do not have any commercial substance or consideration other than achieving tax benefit.
The panel has been given time till July 31, to receive comments from stakeholders and public. The committee will vet and rework the guidelines based on the feedback. The second draft of the GAAR guidelines will then be published for further consultations.
Dr Shome said all efforts were being taken to meet the deadline specified by the Prime Ministers’ Office for finalising the guidelines. “I have been instructed to do it. I am working hard to meet it.”
This committee has been asked to finalise the GAAR guidelines and a roadmap for implementation and submit these to Government by September 30.