New Delhi, (IANS) Prime Minister Manmohan Singh Friday sought wide consultation on the draft guidelines of the General Anti Avoidance Rules (GAAR) and said these would be finalised only after receiving feedback.
“The GAAR guidelines have not been seen by the prime minister, who holds the finance portfolio, and will be finalised with his approval only after considering the feedback received,” said an official release from the Prime Minister’s Office.
The draft guidelines were put up on the finance ministry website June 28.
According to the PMO release, the “GAAR guidelines that have been put up on the government website from the official level of the finance ministry and shared with some stakeholders are only draft guidelines and have been put out for receiving wide-ranging feedback and for discussion purposes only.”
Implementation of GAAR, which is aimed at checking loopholes in taxation system, has been deferred till March 31, 2013.