GAAR’s gone away

GAAR has been amended in the Finance Bill for implementation in 2014, then it will be brought out for a public discussion and after the issues are understood by all, the proposals would probably be dropped. That still leaves NCTC, DFS’ Aadhaar alternative, GST, DTC and Aadhar itself. In the case of banks for example the last date for implementing Aadhaar ids is another 55 days while the Department of Financial Services expects them to implement the alternate. 

Actually GAAR may stay alive yet it will not be applied with retrospective effect and though Vodafone continues to live in suspense it will likely not pay more than some minimum tax to settle the matter. ( should not be $2 bln though) 


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