Tax administration reform expands simplified filing, presumptive taxation, e governance and anti black money measures to boost compliance.
Income tax administration measures aim to widen the tax base and improve compliance by simplifying filing, reducing marginal rates for lower income individuals, expanding a Presumptive Taxation regime for small businesses and professionals, and providing optional concessional taxation and extended MAT credit carry forward for specified companies. Parallel e governance reforms-electronic filing and processing, an integrated grievance system, automated mismatch handling, and taxpayer communications-seek to minimise direct interface and expedite refunds. Anti black money and less cash economy measures include strengthened information exchange with foreign jurisdictions, legislative amendments, targeted enforcement actions, and penalties to discourage large cash transactions.

Tariff value revision for specified imports updates customs reference values affecting import valuation and duty assessment.
The notification substitutes TABLE-1, TABLE-2 and TABLE-3 to set commodity-specific tariff values under section 14(2) of the Customs Act, 1962, prescribing US dollar per metric tonne or unit reference values for specified goods including crude and refined palm oils, crude soybean oil, brass scrap, poppy seeds, areca nuts, and unit-based values for gold and silver when certain notification benefits are availed.

Capital expenditure programme urged: CPSEs told to meet budgeted outlays, raise debt, declare dividends, and use innovative financing.
The government directed CPSEs to prioritize the capital expenditure programme to meet budgeted outlays and consider expanding projects; it pledged resource support and scheduled a later review. CPSEs were advised to increase debt financing instead of relying on free reserves, declare liberal dividends when surplus cash exists to promote productive use, expedite outstanding payments to aid market liquidity, and use innovative financing such as asset monetization and infrastructure investment vehicles to mobilize additional capital.

Transitional service tax credit: taxpayers may revise ST-3 returns to record credits and then complete GST TRAN-1.
Where a service was received and paid for before the transition date but service tax was paid in the immediate days following, the assessee must disclose the credit in Part I of Form ST-3 by filing a revised return; returns filed up to the specified cut-off are deemed filed on that cut-off to permit revision. Once the credit is reflected in ST-3, the assessee may proceed to populate Form GST TRAN-1. Non-registered taxpayers may use the ACES "non assessee registration" category to make service tax payments on or after the transition date.

Tax base expansion directed to enrol new mandatory income tax return filers through data verification and outreach efforts.
The Central Board of Direct Taxes directed the Income Tax Department to add 1.25 crore new income tax return filers this fiscal, defining a new filer as one previously non filing but legally liable, and assigning region wise enrolment targets. The directive mandates identification of such persons using verification of demonetisation and Statement of Financial Transactions data and promotion of the Operation Clean Money portal to encourage voluntary compliance and secure returns from identified non filers.

Mudra Promotion Campaigns launching nationwide with participation of Union Ministers to promote credit outreach and state bank coordination.
The central government is launching a nationwide Mudra Promotion Campaign from 27 September to 17 October 2017 comprising fifty outreach events across the country with scheduled participation by Union Ministers. State Level Banking Committees will actively participate to organise and coordinate the campaigns at state and local levels, with a detailed list of event locations attached to the announcement.

Identity verification of tax search officers: taxpayers should inspect warrants and confirm officer identities before cooperating.
Taxpayers should verify identity and authority of officers conducting income-tax searches by inspecting the warrant of authorisation, confirming officer identities shown on the warrant, and obtaining supervisory contact details to verify genuineness; departmental confirmation may be sought where doubts persist.

Advance tax compliance: voluntary self-reporting proposed for certain taxpayers to estimate income and advance tax liability.
A voluntary self-reporting mechanism is proposed for certain taxpayers (companies and tax audit cases) to report estimates of current income, tax payments and advance tax liability by inserting a new Rule 39A and Form 28AA in the Income-tax Rules, 1962; a draft notification has been published for public consultation and comments are invited electronically.

Self-reporting of estimated income requires specified taxpayers to furnish intimation of estimated income and tax payments using prescribed form.
A draft insertion of Rule 39A would require companies and taxpayers subject to tax audit to intimate estimated income, tax liability and payments using prescribed Form No.28AA based on mid-year estimates and, if materially reduced from the prior year, a subsequent year-end intimation. Form No.28AA prescribes detailed line items for income heads, deductions, tax computations (including deemed income and credits), TDS/TCS and advance tax, alongside turnover and profit disclosures and a required explanation when estimated advance-tax is lower than prior-year payments. Public comments are invited on the draft.

Tariff valuation change for specified edible oils, metals and agricultural imports updates customs import valuation and notification entries.
An administrative amendment substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs (N.T.) with updated tariff valuation rates to be applied for customs purposes for specified imports, including crude and refined palm oils and palmolein variants, crude soybean oil, brass scrap, poppy seeds, areca nuts, and unit valuations for gold and silver where notification entry benefits are availed.

Automatic information exchange enables routine PAN-CIN and PAN-DIN linkage to detect misuse of corporate structures.
A Memorandum of Understanding institutes an automatic and regular exchange of information between the Ministry of Corporate Affairs and the Central Board of Direct Taxes, requiring routine sharing of PAN data linked to Corporate and Director Identity Numbers, corporate income tax returns, registrar filed financial statements, share allotment returns, audit reports, and bank statements of financial transactions, applicable to Indian and foreign corporates, with additional on request exchanges for scrutiny, inspection, investigation and prosecution.

Director disqualification under Section 164 pursued to address shell companies and trace beneficial ownership and laundering links.
The Ministry of Corporate Affairs has identified 1,06,578 directors for disqualification under Section 164 after cancellation of about 2.09 lakh defaulting companies; it is analysing ROC data to trace directors, beneficial interests and money laundering links, compiling director profiles with enforcement agencies, monitoring professional involvement, and coordinating with SFIO, ROCs, banking and financial departments to enforce disqualification and related liabilities under Section 248 and vacatur under Section 167.

Capacity building through multilateral agency engagement to strengthen state finance departments and shape targeted technical assistance.
Capacity development of State and Union Territory finance departments via engagement with multilateral development agencies to align subnational needs with technical assistance offerings. The workshop at IMF SARTTAC brought together senior finance officials and representatives of IMF SARTTAC, World Bank, AIIB and NDB to inform design of comprehensive training modules and highlight initiatives such as the Financial Data Management Centre and stamp duty rationalization for securities-related instruments.

Direct tax collection growth: net receipts up and refunds lower, with separate corporate and personal tax trends.
Direct Tax collections through August 2017 show higher net receipts versus the prior-year period and account for a specified share of the annual Budget Estimate. Corporate and Personal Income Tax growth are reported separately on gross and net bases, with refunds reducing gross receipts and refund levels below those of the comparable prior-year period.

Criminal penalties for siphoning from struck-off companies coupled with director disqualification and bank account restrictions.
Criminal penalties are prescribed for unauthorized siphoning from struck-off companies' bank accounts, banks are directed to restrict directors and authorized signatories from operating such accounts, and retrospective action may be taken where siphoning already occurred. Directors of companies failing to file returns for the prescribed period will be disqualified from appointment or reappointment; authorities will profile directors, identify beneficiaries of shell companies, coordinate with enforcement agencies, and monitor professional disciplinary measures to weed out shell companies and curb illicit fund flows.

Demonetisation: central bank reports large returned currency pending verification and lacks data on extinguished black money.
The Reserve Bank told a parliamentary panel it has no information on how much black money was extinguished by demonetisation or how much unaccounted cash was legitimised; it reported an estimated Rs. 15.28 lakh crore in specified bank notes received as of June 30, but stated this figure is provisional and subject to verification, with authenticity and numerical checks ongoing using expanded shifts and high end machines.

Restriction on bank accounts of struck off companies advised; banks urged to apply enhanced due diligence pending legal restoration.
Struck off companies are treated as having ceased to exist, rendering former directors and authorized signatories unable to operate company bank accounts until lawful restoration through the statutory restoration procedure; banks are advised to impose restrictions using published Registrar-wise lists. Banks must also apply enhanced diligence where companies, even if shown active, default in filing required financial statements, annual returns, or particulars of charges, since such defaults indicate noncompliance with mandatory statutory filing obligations.

Advance Pricing Agreement: CBDT signed four APAs expanding bilateral and unilateral coverage, enhancing transfer pricing certainty for taxpayers.
Central Board of Direct Taxes executed four Advance Pricing Agreements in August 2017-three Unilateral and one Bilateral-bringing the total to 175 and covering sectors such as telecom, banking, manufacturing and education, and international transactions including royalty payments, IT and software services, manpower services, import and export of goods, and engineering design services. The APA framework, introduced in 2012 with Rollback provisions in 2014, aims to specify transfer pricing methods and set prices in advance to provide taxpayer certainty, with substantial uptake of the scheme and over eight hundred applications filed since inception.

E-assessment driven reform to enable faceless tax procedures, improve transparency, and accelerate dispute resolution procedures
The Sangam prioritised transformation to e-assessment and faceless procedures to boost transparency and measurable performance, directing Assessing Officers to complete work online and phase in e-assessment. It promoted data analytics and post-demonetization data to detect undeclared income, widen the tax base, and meet enhanced revenue targets. For litigation management, CBDT aims to reduce appeals and disputed demands before CIT(A) by disposing a large share of smaller appeals and a stated portion of high-demand appeals, with special attention to very large disputed demands. Administrative reforms in taxpayer services, online grievance redressal, GST implementation issues, and inter-departmental coordination were also emphasised.

Appointment of Secretary of Department of Financial Services: senior civil servant assumes office after extensive central and state service.
Appointment of Secretary, Department of Financial Services: Shri Rajiv Kumar, an IAS officer of the Jharkhand cadre, assumed charge as Secretary in the Department of Financial Services, Ministry of Finance. He served immediately prior as Special Secretary and Establishment Officer in the Ministry of Personnel, Public Grievances & Pensions, Department of Personnel & Training, and has over thirty years of administrative experience including central and state postings.