GAAR Report by Shome Panel

The complete financial world was taken aback with the announcement of GAAR in India and lot of hue ad cry was raised and it led to setting up of the Shome panel.

The decision was taken by govt in July, when it set up a committee under eminent economist and head of think-tank Indian Council for Research on International Economic Relations (ICRIER) Parthasarathi Shome to recommend the norms and implementation roadmap on Gaar. GAAR recommendations by Shome Panel can be seen in the adjacent screenshot and the panel includes following members:-

• Insurance regulator N Rangachari
• Economist Ajay Shah
• Bureaucrat Sunil Gupta.

Now Shome Panel has presented its draft proposals to Govt on General Anti Avoidance Rules (Gaar) on 02 Sep 12.