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This is an archive article published on July 15, 2012
New GAAR panel a continuation of deferred discussions: Pranab
Pranab,proposed GAAR in March,said he had deferred its implementation for further discussions
Written by Press Trust Of India
New Delhi | July 15, 2012 03:04 AM IST
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2 min read
Pranab Mukherjee,who as finance minister proposed the General Anti-Avoidance Rules GAAR in March,on Saturday said he had deferred its implementation for further discussions and that the Prime Ministers decision to set up a panel on the issue is continuation of the process.
GAAR,I also deferred it by one year for having further discussions. It the new panel can be treated as a continuing affair8230;, Mukherjee,the UPAs Presidential candidate,told reporters in an informal meeting at his residence.
He was responding to a query on Prime Minister Manmohan Singhs setting up a new committee to prepare fresh norms on GAAR to bring greater clarity.
The new four-member panel,to be headed by taxation expert Parthasarathi Shome,is to prepare a roadmap on GAAR by September 30.
The setting up of the committee,announced on Friday,came within a fortnight of the finance ministry issuing draft guidelines on GAAR.
Mukherjee proposed GAAR,aimed at checking tax evasion,in the 2012-13 Budget,but deferred its implementation by one year amid widespread concerns from investors.
Meanwhile,Mukherjee said the Prime Minister would take appropriate decision on appointment of the new finance minister at the right time.
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When asked to compare his tenure with that of P Chidambaram or Singhs period in the ministry,Mukherjee said,This type of comparison you people media will be doing8230;because it is too near and this should be done with some sort of objectivity,not possible for me.
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