Govt to seek parliament nod to change retrospective tax

India will seek parliamentary approval for amending retrospective tax rules, after it reaches an agreement with Vodafone Group Plc over a tax dispute, Finance Minister P. Chidambaram said.

The rule set last year enabled the government to raise tax demands on long concluded deals. British telecoms group Vodafone Group Plc is contesting a more than $2 billion tax dispute over its 2007 acquisition of Indian mobile assets.

India's cabinet will take a

decision on a conciliation offer from Vodafone, Chidambaram said last week, without giving a time frame.

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Source: REUTERS
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