GAAR guidelines to be finalised by 30 September

Chief of the prime minister-appointed panel on GAAR, Parthasarathi Shome said on Saturday, that the guidelines on General Anti-Avoidance Rules (GAAR), aimed at checking tax evasion, would be finalised by the 30 September deadline,

"We have to put up our views by the end of August and by the end of September, we should finalise it," Shome said at the annual general meeting of industry body ICC.

"We are first talking to major and minor tax advisory firms, who are familiar with the guidelines. We will also talk to the union finance minister, Planning Commission and other stakeholders," he said. "We will also look at some international practices in this regard... will see what is relevant for us and then narrow down the guidelines," Shome said.

Implementation of the guidelines, proposed in the Budget 2012-13, had been deferred by one year to April, 2013, amid widespread concerns by both foreign and domestic investors.