Common Business Identifier proposed to streamline business registrations and simplify compliance through a unified digital filing framework.
The post budget webinar convened stakeholders to advance technology driven reforms for ease of living and ease of doing business, recommending a Common Business Identifier, a unified filing process and a blockchain enabled C KYC, alongside MSME relief measures under Vivad se Vishwas, single window compliance portals, data privacy safeguards and monitoring dashboards to operationalise adoption and oversight.

Official Development Assistance expands infrastructure and health financing after exchange of loan notes, enhancing connectivity and cancer care.
Exchange of Notes formalized Official Development Assistance (ODA) loan financing from Japan to India for two projects: a tranche III loan for the Mumbai Trans Harbour Link Project to improve connectivity and regional economic development, and financing for the Mizoram State Super Specialty Cancer and Research Centre to expand access to cancer prevention, detection and treatment, and to strengthen related human resource development and research.

Digital Public Infrastructure enables inclusive growth and efficient governance through interoperable platforms and financial inclusion.
Digital Public Infrastructure is presented as an enabler of innovative, resilient and inclusive growth and efficient governance through interoperable platforms that expand service reach, reduce delivery costs, enhance transparency and accountability, and promote financial inclusion. A Task Force on Digital Public Infrastructure has been constituted, co chaired by senior national representatives and digital leaders, to guide policy work, share best practices, and coordinate efforts to leverage DPI for economic transformation and inclusive development.

G20 finance ministers meeting advances multilateral development banks, DPI, financial inclusion, taxation, policy coordination and cross-border payments.
The FMCBG meeting on 24-25 February 2023 in Bengaluru, preceded by an FCBD meeting on 22 February, will gather 72 delegations including G20 members, invitees and international organisation heads to provide mandates for the 2023 G20 Finance Track. Agenda items include strengthening multilateral development banks, financing resilient and sustainable cities, leveraging Digital Public Infrastructure for financial inclusion and productivity, and examining global economy, global health and international taxation; side events will cover DPI, crypto asset policy perspectives and national payment systems in cross-border payments.

Survey under section 133A exposes undeclared cross-border remittances, withholding lapses and transfer pricing inconsistencies prompting further inquiry.
A survey under section 133A found apparent under-reporting of income by group entities, undisclosed cross-border remittances not shown as taxable income in India, reimbursements for seconded employees lacking required withholding, and Transfer Pricing deficiencies-notably flawed FAR analysis, incorrect comparables and inadequate revenue apportionment; evidence includes statements of key personnel, digital records and documents for further examination.

Income tax return forms for AY2023 24 effective 1 April 2023; minimal changes; existing filing structure and eligibility retained.
The CBDT has notified the Income tax Return forms for AY 2023 24 effective 1 April 2023, with no change in filing manner and only minimal edits to reflect statutory amendments. Eligibility categories continue: ITR 1 (Sahaj) for resident individuals with specified limited income, ITR 4 (Sugam) for residents/HUFs/firms using prescribed presumptive provisions, and other existing ITR forms retained for persons with business income, firms, companies and exempt entities. The forms maintain detailed schedules for income heads, deductions, TDS/TCS, advance tax, foreign assets and other disclosures and will be available on the e filing portal.

Lack of a statutory definition of black money: enforcement relies on tax powers, the Black Money Act, and information exchange.
No statutory definition of black money exists across principal Indian taxation and customs statutes. Enforcement against undisclosed domestic and foreign income and assets is effected through tax administration powers including search and seizure, and through the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 for foreign assets; willful attempts to evade tax in relation to undisclosed foreign assets are predicate offences under the Prevention of Money Laundering Act enabling Directorate of Enforcement measures. Information-exchange instruments and FIU cooperation support cross-border detection, while credible national estimation of black money is considered not feasible.

Demonetisation and tax compliance: formalisation of cash led to increased filings and statutory enforcement actions.
Demonetisation increased detection of undeclared cash and expanded the tax base, producing higher direct tax collections, greater Personal Income Tax advance and self-assessment payments, and marked growth in Income Tax Returns filed by individuals and corporates; concurrent search-and-seizure actions yielded seizures and admissions of undisclosed income. Enforcement under the Prevention of Money Laundering Act produced attachments, arrests and prosecution complaints, while proceedings under the Foreign Exchange Management Act resulted in seizures, show-cause notices, adjudications, penalties, and orders for confiscation.

Direct tax collection growth continues, showing substantial year on year increases and strong progress toward budget targets.
Direct tax collections for 2022-23 up to 10 February 2023 show substantial year on year growth in gross and net receipts, representing a significant share of the year's Budget and Revised Estimates. Corporate Income Tax grew at a slower rate than Personal Income Tax (including securities transaction tax), net growth remained positive after refunds, and refunds issued during the period rose materially compared with the prior year.

Ease of Doing Business reforms streamline approvals and compliance for startups, including single window digitised clearances and regulatory simplification.
The central programme advances regulatory and procedural reforms for Ease of Doing Business and Reducing Compliance Burden through simplification of procedures, legal rationalization, digitization of interfaces and decriminalization of minor defaults. For startups, the package aligns definitions across statutes, relaxes corporate and financing rules, implements tax and investment incentives, and streamlines incorporation and compliance via measures such as the SPICe+ form and the National Single Window System, with regulatory amendments across multiple ministries and agencies.

Contractual dispute settlement: voluntary graded scheme offers quick finality for disputes involving central government entities.
A voluntary one time settlement scheme, Vivad se Vishwas II (Contractual Disputes), offers graded settlement terms to finalize contractual disputes involving the Central Government or specified government entities. It applies to financial claims from contracts where claims were submitted by the eligibility cutoff and an Arbitral Tribunal or Conciliation Committee has been notified; mixed-party and international arbitration cases are excluded. Participation is open to all contractors and suppliers and the scheme will be implemented via the Government e Marketplace with a standard draft settlement agreement.

Cooperative governance reforms expand legal, institutional and fiscal measures to strengthen cooperatives and deepen grassroots reach.
The Ministry of Cooperation establishes a central legal and administrative framework to strengthen cooperative governance and align state and multi state cooperative administration, including proposed amendments to multi state cooperative law to enhance transparency, accountability and electoral reform. Operational reforms prioritise PACS computerisation, model byelaws to expand PACS activities, PACS as service centres, a national cooperative database, and new apex multi state cooperative societies for seed, organic and export sectors. Fiscal measures include tax and surcharge reductions, clarifications on cash transactions, higher cash limits and budgetary tax reliefs to improve cooperative viability.

Industrial growth measures boost manufacturing capacity and strengthen MSME credit and procurement protections through incentives and reforms.
Industrial output rose 11.7% in 2021-22. The government enacted fiscal, regulatory and institutional measures to boost manufacturing and MSME resilience, including GST, corporate tax reduction, the Production Linked Incentive scheme, expanded guaranteed emergency credit, subordinate debt and Fund of Funds equity for MSMEs, directives for timely payment and procurement preferences for domestic suppliers, Project Development Cells, a national single window system, and elevated capital investment and infrastructure pipelines to reduce logistics costs.

Total income taxation: young individual filings show substantial gross taxes paid before refunds, highlighting filing and payment patterns.
For individuals aged 18-35 and for those below 18, reported ITR filings showed gross taxes paid as disclosed in returns before claim of refund. Under the Income tax Act, 1961 tax is computed on Total Income returned in the ITR, which aggregates income across statutory heads and is not collected separately under different heads.

Refund of Forfeited Securities for MSMEs during COVID period, claims to be processed via GeM portal.
Order directs refund of a substantial portion of bid and performance securities and liquidated damages withheld from MSMEs for contract defaults during the COVID-19 period, conditioned on MSME registration and original contract completion within the pandemic window. Refunds will bear no interest, liquidated damages refunds are limited by the contract's performance security, and debarments for such defaults must be revoked. Implementation and monitoring are to be conducted through the Government e-Marketplace with nodal officers verifying and processing claims.

Startup Seed Fund Scheme enables vetted incubators to receive government seed allocations, overseen by an experts advisory committee.
The Startup India Seed Fund Scheme (SISFS) is a four year seed funding instrument operational from 2021 that allocates corpus resources to selected incubators, overseen by an Experts Advisory Committee which evaluates incubators and monitors execution; funds approved to incubators are subsequently disbursed according to Scheme guidelines and reported State/UT wise, with allocations distinguished from disbursements and specified treatment for management fees.

Fund of Funds for Startups provides capital to registered AIFs via SIDBI, requiring daughter funds to multiply investment into startups.
The Fund of Funds for Startups provides committed capital to SEBI registered AIFs (daughter funds) rather than investing directly in startups; SIDBI operates the Fund, selects daughter funds and oversees disbursals, and daughter AIFs must invest at least twice the FFS commitment into eligible startups, yielding aggregated investments across numerous startups and states.