India's Finance Minister Pranab Mukherjee on Monday proposed to defer the applicability of the provisions relating to a General Anti-Avoidance Rules (GAAR) by one year to the financial year beginning April 2013.
In his opening remarks to Parliament, Mukherjee said the burden of proving tax evasion will be shifted from the taxpayer to the Revenue Department.
Further, he proposed to reduce the tax on long-term capital gains from sale of unlisted securities by foreign institutional investors to 10 percent from 20 percent.
He said amendments in the taxation of international deals will not override double-taxation avoidance treaties with countries.
Also, the government decided to withdraw the 1 percent excise duty imposed on all precious metal jewellery.
He had announced the GAAR rules and the excise duty on jewellery in the 2012-13 budget unveiled on March 16.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.