The importance of being Pranab

Finance minister Pranab Mukherjee is both astute and pragmatic in the way he does his politics and negotiates tricky terrain. He did the right thing by postponing the implementation of the General Anti Avoidance Rules (GAAR) to 2013-14. In any case, GAAR was meant to kick in as part of the overall Direct Taxes Code in 2013-14. A wider GAAR panel will now look at rational rules and guidelines that will govern GAAR over the next one year.

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