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Rice mills in Haryana which process paddy for the Central pool (Public Distribution System / Custom Milled Rice) are faced with a double whammy, as they have been slapped with a value cut and inventory holding charges for rice. About 800 mills in Haryana which processed 24 lakh tonnes of paddy (abo…

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Govt may dilute GAAR proposals, target tax havens

The finance ministry may dilute some provisions of the proposed General Anti-Avoidance Rule (GAAR) to allay investors’ fears about excessive powers to the taxman under the regime. The rules may be worded in a manner that the onus to prove tax avoidance is also on the tax officials a…

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