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Patience and prayer for India’s Budget: Are taxpayers ready for GAAR?

January 24, 2017

Salman Shaheen TPW



India’s GAAR has been long delayed, but with next week’s Budget unlikely to offer taxpayers further reprieve, it is time for them to get ready.

Patience is the most beautiful prayer. So goes the Indian proverb. It is a fortunate thing, then, that India is among the most religious nations on Earth, because when it comes to tax reform, patience is required in spades. GST is seven years late, while the general anti-avoidance rule (GAAR), originally intended to be in place from April 1 2014, has been delayed as a result of intense lobbying by domestic industry and foreign investors.

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