Sunil Arora, our Director Taxation and Deputy Manager, Varun Sharma wrote an article on GAAR which was published in the October edition of The Chamber’s Journal.
GAAR is a set of anti-abuse provisions which empower the revenue authorities to examine the underlying purpose in each transaction with a view to address the issue of tax avoidance. The Indian GAAR originated from the Direct Tax Code, 2009 and after some turbulence, was formulated in 2012. Given the subjective nature of the 2012 GAAR legislation, an Expert Committee was set up under the Chairmanship of Dr. Parthasarathy Shome to recommend an appropriate implementation strategy in consultation with various stakeholders including the public at large. Subsequently, in 2016, specific rules were notified followed by a circular in 2017 containing FAQs on critical issues.
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