Tax evasion investigation uncovers concealed transactions and asset seizures, exposing bogus purchases, share manipulation and fund siphoning.
Search and seizure operations by the Income Tax Department on a diversified business group uncovered evidential materials showing systematic tax evasion through unaccounted cash sales, bogus purchases, undeclared real estate receipts, sarafi advances and layering via share premium from shell companies; seized material also indicates share price manipulation, book manipulation and siphoning of funds to fictitious entities, with substantial cash and unexplained valuables seized during the searches.

Dispute Resolution Committee expands accessible dispute resolution for small taxpayers, alongside broader compliance and litigation management measures.
The central policy combines taxpayer outreach and education with compliance and dispute management reforms: multilingual media campaigns, social media, a communication studio, regional outreach, and child focused educational games aim to boost tax literacy and voluntary compliance. Concurrently, expanded TDS/TCS coverage, broader Statement of Financial Transactions reporting, a Non filers Monitoring System, and the Annual Information Statement are used to widen the income tax net. Dispute management measures include the Dispute Resolution Committee for small taxpayers, the Vivad se Vishwas scheme, raised monetary thresholds for appeals, and deferral of repetitive appeals to limit litigation.

Income tax e filing: over 72.42 lakh ITRs filed in one day; prefilled returns and Aadhaar e verification sped processing.
A record 72.42 lakh ITRs were filed on the due date, contributing to about 5.83 crore ITRs for AY 2022 23 by 31 July 2022; the Department highlights portal throughput peaks, widespread AIS/TIS usage, prefilled return data for ITR 1 to ITR 4, high Aadhaar OTP e verification rates enabling processing and refunds, launch of TIN 2.0 tax payment facility, and extensive helpdesk support. The bundled ITR 1, ITR 2 and ITR 3 forms and schedules set out eligibility, income computation, deductions, disclosures (including foreign assets), audit and payment reporting requirements.

Tax evasion detection: searches uncovered parallel books and bogus expenses, prompting seizures and continuing investigation.
A coordinated search and seizure operation on two business groups uncovered documents and digital data showing receipt of unaccounted cash and maintenance of parallel books in the real estate group, and use of bogus sub contract expenses, inflated purchase vouchers, and routing of contract proceeds through sham sub contractors in the construction group. The searches revealed substantial unaccounted income and resulted in seizures of unaccounted cash and valuable jewellery; forensic examination of seized material is ongoing.

Circular trading and accommodation entries uncovered, leading to seizure and ongoing tax investigation of companies.
Search and seizure operations uncovered extensive evidence of circular trading, market manipulation by promoters aided by stock brokers, admitted out-of-books payments, corroborated handwritten cash transaction records, bogus purchase claims and large unaccounted sales. A separate accommodation-entry provider was found operating multiple entities to route fictitious sales, loans and expenses for cash consideration; principal members admitted arranging such entries. Unaccounted cash was seized and further tax investigations continue.

Tax administration reform strengthens a trust-based, taxpayer-centric system with tech-driven, non-intrusive compliance and grievance redressal.
The Department emphasizes administrative reforms reorienting tax administration toward a trust-based tax system and taxpayer-centric service, highlighting transparency, non-intrusive engagement, taxpayer facilitation, and prompt grievance redressal under the Taxpayers' Charter. It notes outreach activities to promote voluntary compliance and adoption of technology, including artificial intelligence and data analytics, to support non-intrusive revenue mobilisation and improved service delivery.

Undisclosed offshore investments uncovered; tax authorities seize unreported assets and identify widespread unaccounted cash sales.
Tax search and seizure recovered documents and digital data indicating deliberate non-disclosure of domestic and foreign income and assets, funds routed through Malaysia-based companies into Indian hospitality operations, foreign commodity trading companies and foreign immovable property omitted from tax returns, and significant out-of-books cash sales with undisclosed excess stock and undeclared jewellery seized.

Tax search and seizure uncovers alleged undisclosed promotion expenses and deduction manipulation, prompting further investigation.
Search and seizure operations on a Bengaluru pharmaceutical group uncovered records and digital data suggesting booking of unallowable promotion expenses as freebies to medical professionals, manipulation of deductions through suppression of expenses and misallocation of R&D costs, inflated weighted deduction claims, and instances of TDS non-compliance in contract payments; unaccounted cash and jewellery were seized and further investigations continue.

Search and seizure operations uncover suppression of income through bogus purchases, fabricated entities and undisclosed joint venture profits.
Search and seizure operations on two business groups uncovered documentary and digital evidence indicating systematic suppression of income via bogus purchases, fabricated entities, routing of payments back in cash, undisclosed joint venture profit sharing, secret record hideouts, and insertion of spurious capital and loan liabilities; preliminary undisclosed income exceeds the reported threshold and investigations continue.

Tax evasion in real estate: undeclared capital gains and suppressed sales income uncovered after search and seizure operations.
Preliminary analysis of seized documents and digital evidence indicates landowners under joint development agreements received built-up area for land and failed to report resulting capital gains despite completion certificates; investigators also found suppressed revenue from unit sales, inflated construction expenses via bogus purchases and over-invoicing, diversion of borrowed funds to related parties, inter company advances resembling deemed dividends, and a trust's failure to utilize accumulated funds within prescribed limits.

Inclusive growth: government links inclusion and growth, pursuing reforms by conviction and public private partnership to expand social amenities.
The statement treats inclusive growth as mutually reinforcing with expansion of access to basic services and opportunities, citing targeted programmes (sanitation, household energy, financial inclusion, health insurance, medical education, piped water, property rights, vendor support, digital payments) as instruments that both advance inclusion and drive sectoral growth, while advocating "reforms by conviction," government as partner in progress with private sector engagement, and complementary labour, education and multilateral policies to sustain high growth and job creation.

Unaccounted cash sales uncovered, prompting seizure and probe into hawala receipts, benami property and bogus capital losses.
Searches on a pharmaceutical and real estate group disclosed systematic unaccounted cash sales, hawala cash receipts for exports, surplus API stock, conversion of cash into immovable property including benami purchases, and fabricated capital losses in securities; cash and jewellery/bullion have been seized and investigations continue.

Search and seizure uncover undisclosed cash sales and bogus creditors, prompting continued tax investigation and asset seizures
Income tax authorities conducted search and seizure operations across multiple premises of a group, seizing documentary and digital material that indicate systematic undisclosed cash sales, bogus sundry creditors and substantial unrecorded receipts; operations also uncovered alleged unaccounted property investments and led to seizure of unaccounted cash, jewellery and bullion, with investigations continuing.

Industrial corridor development: directives for states to expedite land allotment, infrastructure mapping and investor facilitation urgently.
The release sets governance and operational directives for the National Industrial Corridor Programme: the Apex Monitoring Authority will oversee integration of corridor projects with the PM GatiShakti Master Plan, NITI Aayog will map diverse infrastructure projects and seaport linkages, States must expedite land acquisition and adopt flexible land allotment models with affordable electricity to attract investors, and NICDC as the SPV will deliver plug and play infrastructure while coordinating investor facilitation and multimodal logistics development.

Post Devolution Revenue Deficit Grant released to eligible states to address post-devolution revenue gaps as recommended.
The Department of Expenditure released the fourth monthly instalment of Post Devolution Revenue Deficit Grants to fourteen States under Article 275 as part of a twelve-instalment disbursement plan implementing the recommended annual PDRDG total for 2022-23; eligibility and grant quantum were determined by the assessed gap between State revenue and expenditure after accounting for devolution, with statewise recommended allocations and instalment releases published.

Undisclosed income and benami property probe uncovers extensive unaccounted receipts and seized assets, prompting continued investigation.
Coordinated search and seizure operations targeted a coal-transportation group and linked premises, producing documentary and digital evidence that suggests systematic collection of undisclosed levies, cash payments to officials, unaccounted cash outflows for washeries and election expenditure, and numerous property agreements indicating large undisclosed, possibly benami, immovable investments; seizures of cash and jewellery occurred and further investigation is ongoing.

Transaction adviser empanelment: pre qualified panel streamlines access to advisers for preparing bankable PPP infrastructure projects.
The Department of Economic Affairs has constituted a national empanelment of pre qualified Transaction Advisers for PPP project transactions to provide project sponsoring authorities across central, state and local governments and public undertakings with streamlined, fast access to advisory support for preparation of bankable PPP projects, reduce appointment delays, and enhance transparency and accountability in adviser engagement.

Tariff value fixation for specified imports updated, substituting previous tables and applying from the notified effective date.
The Central Board of Indirect Taxes & Customs, under section 14(2) of the Customs Act, substitutes revised TABLE-1, TABLE-2 and TABLE-3 in the principal customs notification to fix tariff values for specified imports-listing values for edible oils, brass scrap, areca nut, gold and silver, distinguishing commodity categories and including explanatory definitions for certain precious metal entries-and declares the amendment to commence on the notified effective date.

Public debt management update: issuance fell, yields hardened and average maturity of new dated securities increased.
Central government dated securities issuances fell year on year while repayments continued; primary issuance yields hardened and average maturity of new dated issuances increased. No cash management bills were issued and the Reserve Bank did not conduct open market operations for government securities; average daily liquidity absorption under LAF stayed elevated. Total government liabilities rose quarter on quarter with public debt accounting for a larger share; a significant portion of dated securities had residual maturity under five years. Secondary market yields hardened due to increased supply, trading concentrated in the 7-10 year bucket, and commercial bank holdings of government securities increased.

National GST tribunal using existing appellate tribunal to resolve place of supply disputes, reducing cost and duplication.
Recommend designating the existing CESTAT as the National GST Tribunal to hear primarily place of supply disputes by restructuring selected benches and adding one State Member per bench; implement this through minimal amendments to GST law with GST Council approval, leveraging existing judicial and technical capacity and handling allied classification and valuation issues while leaving other GST appeals to state appellate mechanisms.