Indian equity benchmarks recovered from early scare, with recouping half of its losses after the Central Board of Direct Taxes (CBDT) came with clarification on Indo-Mauritius tax treaty.
Nifty had plunged to record its lowest level in more than 18 weeks today post the news that India and Mauritius will restart talks on tax treaty.
However, CBDT clarified that government was yet to start talks with Mauritius on tax treaty, reports CNBC-TV18 quoting agencies. CBDT also said Mauritius has expressed willingness to talk three months ago.
Finance Ministry sources told CNBC-TV18 that Mauritius has agreed to talk on tax treaty this March. But there is no development on tax treaty renegotiation. CNBC-TV18 also learnt that there is no time frame yet for treaty and no specific tax provisions identified for renegotiation.
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