While Ketan Dalal, joint leader, tax and regulatory services, PWC does not see the GAAR being scrapped, he said that the position on GAAR remains unchanged post the draft guidelines as the market still needs clarity on specific issues.
The BSE Sensex rose 1.3% on Tuesday, helped by short covering ahead of March contracts expiry, on CNBC-TV18 reports, citing finance ministry sources, that the government would not target the so-called participatory notes in a blanket manner under its newly proposed rules targeting tax avoidance.
Lack of clarity on the new GAAR rules was the reason why there was a lot of sentiment-led selling seen in the market yesterday, says CNBC-TV18's managing editor Udayan Mukherjee.
As the Sensex closed with 309-point fall and the Nifty plunged 100 points, CNBC-TV18’s Udayan Mukherjee explains the events and stocks responsible for the “day of disaster”.