FM says rules on retro tax to be framed soon

New Delhi, August 16 (PTI): Finance Minister Nirmala Sitharaman on Monday said the rules that will lead to the scrapping of the retrospective tax demands made on companies such as Cairn Energy Plc and Vodafone Plc will be framed soon.

Parliament earlier this month passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The bill provides for the government to refund the retro tax to companies provided all legal challenges are withdrawn.

Now the rules for the same have to be framed, which Sitharaman said will be done soon.

”I will follow the law passed in Parliament,” she said.

The finance minister said her ministry officials are discussing with Cairn, Vodafone on the closure of retro tax cases, refund, and settlement.

”No discussions with me (have happened) so far,” she said.

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Source: PTI