Kolkata: General Anti-Avoidance Rules (GAAR) Chairman Parthasarathi Shome, on Saturday said that the committee would try and meet September 30 guidelines for coming up with the final guidelines on controversial tax provision.
On the sidelines of the annual general meeting of Indian Chamber of Commerce (ICC), Shome said, "The deadline of September is what we have been asked to meet. So, certainly we will meet it." He said the committee members were talking to tax advisory firms and might consult with a few industrialists who were worried on the General Anti-Avoidance Rules (GAAR).
"We are firstly talking to major and minor tax advisory firms, who are familiar with the guidelines. We will also talk to the finance minister, planning commission. We might speak to some people in industry," Shome, also director and chief executive of ICRIER, said.
Prime Minister Manmohan Singh set up the four-member committee, headed by Shome, to prepare a fresh norm on the controversial tax provision to bring greater clarity and prepare a roadmap for its implementation. The deadline for preparing the norms is September 30.
Shome said that the members would also consider international practices on tax provisions to prepare the guidelines. "We will also look at some international practices in this regard. Will see what is relevant for us and then narrow down on the guidelines. We have to put up our views by end of August and by the end of September we should finalise it," he added.
Then finance minister Pranab Mukherjee had announced the rules as part of his budgetary proposal in the 2012-13 union budget presented in parliament in March this year.
However, following widespread protests from business community and political parties, Mukherjee later deferred the implementation of the new tax rules by one year.