BCIC hails deferment of GAAR

The Bangalore Chamber of Industry and Commerce (BCIC) on Tuesday whole-heartedly welcomed the Centre’s move to defer the controversial tax avoidance rules until 2016 as it feels that this decision will ring in renewed investor confidence among domestic and overseas players.

BCIC had made a vociferous presentation with the Shome Committee on August 18, 2012 in New Delhi to defer GAAR by at least three years, as it felt that many of its provisions are not investor-friendly and could hinder fresh infusion of capex into the country.

K R Sekar, chairman of the Expert Committee on Direct Taxes and partner, Deloitte Haskins & Sells, said, “The industry and global investors were waiting for the acceptance of the (Shome Committee) report as it was fair and had considered the views of cross sections of Industry and Professionals. The following recommendations by the government of India certainly deserves special mention and certainly will boost the confidence of industry and global investors.”