Finance minister P Chidambaram today expressed confidence that the government will find a resolution to the Vodafone tax issue. He told reporters after meeting global investors here that the issue figured only peripherally and came up as a question.
Eight months after the passage of the Finance Bill, the finance ministry today finally sought to cap concerns over the General Anti Avoidance Rules (GAAR) by deferring them for two years, making it clear that foreign capital inflows and the rupee take precedence over concerns of black money.
CNBC-TV18‘s Aakansha Sethi reports, quoting sources, that the finance ministry is likely to accept the Shome panel recommendations.
The Shome panels report on the retrospective amendment with regards to the indirect transfer is public now. Parthasarthi Shome shares his views with Aakansha Sethi of CNBC-TV18.
Supreme Court lawyer Harish Salve explains to CNBC-TV18 that the Shome panel report has rightly recommended against retrospective taxation.
SP Tulsian of sptulsian.com, says that post monsoon, things are turning out to be good for the cement stocks. In this monsoon season, the cement companies have done very good business, baring 45-60 days when the intensity of monsoon was high across pan-India.
The Parthasarathi Shome panel has submitted two reports to the Finance Minister P Chidambaram. The reports include final take on General Anti-Avoidance Rules (GAAR) and the other is a draft on retrospective amendment, reports CNBC-TV18's Siddarth Zarabi.
The Shome Committee report on General Anti-Avoidance Rule gives a feeling that the government is almost bending backward to pacify foreign institutional investors. Parthasarathi Shome, the head of the panel, has said there was no pressure on him to defer the controversial tax proposals that had got overseas investors worked up.
The Parthasarthy Shome-led committee is likely to submit the second draft guidelines on GAAR and the Section 9 retrospective amendment to the finance ministry today.
The Shome Committee's recommendations on the Section 9 retrospective amendment will determine the tax liability of the Bain Genpact deal.
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.