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The Finance Ministry has clarified that no final decision has been taken on implementation of General Anti Avoidance Rules (GAAR).
This clarification came in the wake of reply given by the Government in Lok Sabha on Friday saying that GAAR will be introduced from April 1, 2015. This spooked the market which closed with loss. It may be noted that the previous government deferred introduction of GAAR for two years, that is, till March 31, 2015.
"The reply stated just the legal status. The Government is yet to take a view on introduction of GAAR," the Revenue Secretary Shaktikanta Das told in an interaction with industry captains on Saturday.
He also mentioned that the Central Board of Direct Taxes will issue notification on new tax structure for debt mutual fund. This will clarify on date of applicability. But one thing is clear that there will not be interest demand, he said while adding that the Government is ready to consider suggestions regarding change in Dividend Distribution Scheme.
Later, the Financial Services Secretary GS Sandhu said that the RBI will soon issue fresh guidelines for issuance of new banking licences. The RBI has already announced in-principle approval for issuance of new banking licence to 2 new entities.
Earlier, the Finance Secretary Arvind Mayaram termed this Budget as growth-oriented and it will bring back growth impetus. "This is not the only Budget, the Government will present....this is just the beginning of the journey," he said.
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