GAAR guidelines will be finalised by Sept 30: Shome

The guidelines on General Anti-Avoidance Rules (GAAR), aimed at checking tax evasion, will be finalised by the September 30 deadline, chief of the Prime Minister-appointed panel on GAAR, Parthasarathi Shome said on Saturday.

"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 GAAR, proposed in the Budget 2012-13, were deferred by one year to April, 2013, amid widespread concerns by both foreign and domestic investors.