Vodafone will have 45 days to seek a settlement after being notified of the new guidelines.
The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities including UK telecom giant Vodafone
Cairn has asked to remove the clause that states the interested parties are required not to seek claims after disputes are resolved.
The amendment will end the tax regime that enabled the tax department to levy tax in retrospection that is it could go back to 50 years.
The government has to refund about Rs 8,100 crore that it had collected using the retro tax law. The bulk of this -- Rs 7,900 crore is to Cairn Energy
Experts believe that it is a welcome move that will potentially cheer the global investor community
Overnight, the decision removes the nagging spectre from the minds of prospective foreign investors about the ease of doing business in India
Retrospective Tax: The bill seeks to bury the contentious retrospective tax law which was introduced in 2012.
India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for Rs 10,247 crore in back ta