Shah Committee on MAT invites suggestions from stakeholders

The high-level Justice A P Shah committee on levy of MAT on foreign investors has invited suggestions and representations from all stakeholders, including industry associations.

"The committee on Direct Taxes matters headed by Justice A P Shah which was constituted on May 20, 2015, held its first meeting on May 25, 2015. In accordance with the terms of reference, the committee has decided to examine the matter relating to MAT on FIIs for the period prior to April 1, 2015," the finance ministry said in a statement.

The last date to send suggestions by email is June 22.

"The committee has invited suggestions and representations from all stakeholders, including industry associations on the above issue under examination," it added.

The other members of committee are former Chief Economic Advisor Ashok Lahiri and chartered accountant Girish Ahuja.

The Income Tax Department had sent notices to 68 foreign institutional investors (FIIs) demanding Rs 602.83 crore as MAT dues of previous years.

This has raked up a big controversy, with the FIIs moving court challenging the MAT demand.

Finance Minister Arun Jaitley in Budget 2015 has exempted FIIs from paying MAT with effect from April 1, 2015.