Former Finance Minister Pranab Mukherjee had postponed the implementation of GAAR to the next fiscal (FY14), after foreign institutional investors criticised the move.
A member of the expert panel told NDTV: “We have not suggested any further extension in the GAAR timeline.”
Finance Minister P Chidambaram told the media recently that he would decide on the implementation of GAAR after the Shome panel submits its recommendations. Just two days back, he indicated that the implementation of the Direct Taxes Code may get delayed, saying it needs a “fresh look”.
General Anti-Avoidance Rules (GAAR) is the central theme of the DTC, but the government made it a part of the Budget this fiscal. This means that even if DTC gets deferred further, the government may implement GAAR from the next fiscal itself.