Goods and Services Tax reform: dual CGST/SGST on a consumption base, invoice credit method, Modified Bank Model for inter state zero rating.
The Task Force recommends a dual GST (CGST and SGST) on a common consumption base under the destination principle, computed by the invoice credit method with full immediate input tax credit (including capital goods) and no cross utilisation of CGST and SGST credits. Inter state transactions should be effectively zero rated via a Modified Bank Model using a nodal bank and Form GST I for combined electronic payment and returns. Exemptions are narrowly defined; SIN goods remain subject to excise plus GST without excisable input credit. Registration is PAN based with a uniform Rs.10 lakh turnover threshold and optional composition scheme for small suppliers.

Perquisite rules amended to revise scope and treatment of employee perquisites under income tax rules and compliance.
Notification 94/2009 introduces revised perquisite rules under the Income-tax Rules, 1962, amending provisions to clarify scope, valuation principles and reporting obligations for employee perquisites and to align assessment and withholding compliance with the Income-tax regulatory regime.

Disclosure of corporate tax information under right to information allows release when held by government department on merit.
Tax statements of a corporate group can be disclosed under the Right to Information because the statutory privacy protection addresses individuals rather than organisations; disclosure must be decided on merit. Such information must be sought from the government department that holds the records and not directly from private business groups, with custodial status and public-interest considerations governing release.

Total foreign investment calculation clarified to standardise approval requirements and facilitate greater foreign capital inflows.
Press Note 2 (2009 Series) and Press Note 4 (2009 Series) set uniform guidelines for calculation of total foreign investment and downstream investment by Investing Indian Companies, clarifying that Investing companies and companies neither investing nor operating require prior Government/FIPB approval for foreign infusion, while Operating and Operating-cum-Investing companies need only meet sectoral entry routes, conditionalities and caps, with the stated aim of simplifying compliance and facilitating greater foreign capital inflows.

Trade contraction: exports and imports declined, narrowing the trade deficit and showing provisional lower oil and non oil imports.
Significant year on year contraction in external trade values is reported for October 2009 and the cumulative April-October 2009 period: merchandise exports and imports both declined in dollar and rupee terms, with imports falling more sharply and producing a narrower trade deficit. The release distinguishes declines in both oil imports and non oil imports, presents percentage growth rates in dollar and rupee terms, and notes that 2009-10 figures are provisional while 2008-09 figures are revised.