There are a couple of things that are highly positive. The reduced rate of tax (@ 10%) on unlisted equity is very welcome. The formation of a Committee to review GAAR provisions is a significant step forward. However, the non-consideration of the retrospective amendments to Section 9, both in respect of royalty and indirect transfers, is disappointing. 

The amendments proposed are indeed very positive. The proposals relating to GAAR, in particular moving the burden of proof from the taxpayer to the tax authorities & the ability to obtain an Advance Ruling will reduce some of the rigor & uncertainty accompanying the original proposal. Further the deferment of the implementation of GAAR by one year, will provide time & opportunity for a more comprehensive consideration of the proposals in the light of the rules & guidelines which will be available well in advance. Various other proposals including, lower withholding tax on overseas borrowings, grant of exemption to Long Term capital gains on sale of shares during an IPO and the reduced tax rate of 10% on sale of unlisted securities should also help improve the investment climate in the country.