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.
by RTT Staff Writer
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