The CPI(M) today opposed the Finance Minister Pranab Mukharjee’s announcement in Parliament about deferring the implementation of the General Anti-Avoidance Rules (GAAR) by one year and diluting many of its provisions. In a statement, Party Polit Bureau said, the move is a meek surrender to Multi National Companies and the US Administration. The party said, the GAAR are meant to strengthen India’s tax laws to prevent foreign investors from avoiding paying taxes on capital gains in India. The party also opposed the announcement to cut in capital gains tax on private equity. The party alleged that all these are meant to favour big financiers and real estate players.