GAAR: Past, Present & Future
The Indian economy no longer functions as a singular isolated entity, in the globalized era that exists today cross border trade and transactions are the norm rather than the exception.
January 22, 2013 / 16:32 IST
The Indian economy no longer functions as a singular isolated entity, in the globalized era that exists today cross border trade and transactions are the norm rather than the exception. In such a circumstance organizations are more than likely to move operations to countries where suitable conditions exist for such businesses to flourish. Such movement of business and consequently profits outside India is not looked in a good vein by the government. It is therefore, in the interest of safeguarding the interests of revenue that the General Anti Avoidance Rules (“GAAR”) were proposed by the honorable erstwhile finance minister Mr Pranab Mukherjee along with the Finance Act 2012. In this paper, CA firm Arkay & Arkay demystify GAAR and chart out the past, present and perhaps the future of this critical regulation. 
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