Prime Minister Office today said that Draft Guidelines on General Anti-Tax Avoidance Rules, GAAR have been put on the government website to get wide-ranging feedback on the issue.

An official release issued by the PMO says the final decision will be taken with the approval of the Prime Minister, who holds the Finance portfolio.

The draft GAAR guidelines was posted by the Finance Ministry late last night . The proposed guidelines seeks to address investor concerns over taxation issues.

The draft said that GAAR provisions would be invoked only in cases where FIIs choose to take the benefit of double tax avoidance treaties. The provisions, it said will apply only to the income

arising to taxpayers on or after April 1, 2013. The draft guidelines also proposed setting up a three-member Approving Panel to decide whether a particular case would attract the provisions of the GAAR.

The Prime Minister has already announced his intent to rework the tax framework. During his first meeting with the finance ministry brass on Wednesday, Dr Singh said that reviving investors' sentiments will be his top priority.

He also hinted at accelerating the financial sector reforms, including those in the insurance and mutual funds sectors and said some quick measures will have to be taken to address them.