The Union Cabinet on Thursday cleared a policy for composite foreign investment in India. Union Finance Minister Arun Jaitley said that FDI, FII and other investment routes would be included under one policy.
The move is aimed at making it easier for investors to pursue business in India.
The Foreign Minister further said that the high-level Justice AP Shah panel, set up to look into the levy of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FII) is likely to submit its report to the government next week.
The committee constituted in May has held series of consultations with the tax department, various industry chambers, besides institute of chartered accountants of India to elicit their views on levying MAT on FIIs.
The three-member committee also includes former Chief Economic Advisor Ashok Lahiri and Chartered accountant Girish Ahuja.
The revenue department, according to sources, is of the view that MAT is not applicable on FIIs and the notices were sent to them following a verdict by the Authority of Advance Ruling (AAR).
(With PTI Inputs)
Comments
0 comment