GAAR is basically a set of rules designed to give Indian revenue authorities the right to scrutinise and tax, transactions which they believe are structured solely to avoid taxes. The rules would be applicable to all taxpayers.
GAAR | Background
GAAR | Concerns
GAAR | Importance
GAAR | Conclusion
It will be implemented from 1st April, 2017 and the government has considered the minimum threshold where the GAAR provisions can be implemented. The genuineness of the transactions remains intact and only covers those transactions which have been taking an advantage of the loopholes present and the small tax players will not to be harassed.
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