Rollback to forward

While introducing the finance bill, Finance Minister Pranab Mukherjee postponed the General Anti-Avoidance Rules (GAAR) and promised not to introduce tax policy changes retrospectively. Proposals to give arbitrary powers to taxmen and numerous retrospective tax changes were incredibly bad policy and the government should never have introduced them. But with the country running a large current account deficit, even if the government believes that these policy changes are important, India cannot afford to turn foreign investment away at the moment. 

Read Full Story>>