India will not resort to retrospective taxation, clarifies PM Modi

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Singapore, Nov 24 (ANI): In an attempt to clear the air on retrospective tax on MAT (minimum Alternate Tax) Prime Minister Narendra Modi clarified again that India will not resort to retrospective taxation for all the FIIs Foreign Institution Investors. Prime Minister Modi was addressing at the Singapore Economic Convention. Due to sprawling negative business sentiment Narendra Modi led government accepted recommendation of a high level panel that minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively. A panel headed by Law Commission of India chairman Justice AP Shah submitted its final report on the issue of applicability of MAT on capital gain made by FIIs prior to April 1, 2015, on August 25.

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