The government of India has taken a welcome step deferring implementation of GAAR (General Anti-Avoidance Rules) as well as reviewing retrospective tax amendments. We need to continue our journey on simplification of our statutes as we make them more transparent and investor friendly.
We would like the finance minister to address issues on transfer pricing expeditiously to help avoid varied interpretations and time-consuming litigation.
Given the current economic conditions across the globe, the finance minister should also consider extending the period of limitation to commence operations in Special Economic Zones (to claim 10AA benefits) beyond March 31, 2014.
(Ashish Khera is finance director, Global Applications and India region, CSC)