New Delhi, May 8 - The decision to defer the implementation of the General Anti-Avoidance Rules - is not because of any fear or apprehensions, Finance Minister Pranab Mukherjee said Tuesday as the Lok Sabha passed the Finance Bill for 2012-13.
GAAR I have agreed to defer but not because of fear or apprehension. I am not afraid of any consequences, Mukherjee said while replying to the debate on the bill.
Mukherjee Monday announced the deferment of implementing the GAAR by a year. He also introduced changes in the proposed legislation, which is aimed at preventing tax evasion.
The Left parties opposed the deferment, saying the government had taken the decision under pressure from the US and the markets. The left parties had moved a motion seeking implementation of GAAR from the current financial year.
But the motion was defeated by 342 to 22 as the main opposition BJP backed the government on this issue.