08 January,New Delhi
The General Anti-Avoidance Rule,GAAR, will kick in from April 1, 2017 said the Central Board for Direct Taxes Sunday.
GAAR was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance.
During the 2015 Budget presentation, Finance Minister Arun Jaitley announced that its implementation will be delayed by 2 years.
Its implementation was repeatedly postponed because of the apprehensions expressed by foreign investors as GAAR contains provision allowing the government to retrospectively tax overseas deals involving local assets.