Economic indicators show strengthening industrial production and moderate inflation, indicating improved domestic demand and nascent recovery.
Index of Industrial Production and CPI data for late 2015 show manufacturing-led industrial growth, with strong increases in capital goods and consumer durables signaling improved investment and consumption demand, while year on year CPI inflation remained moderate and below prior-year levels, indicating low inflation alongside a domestic-demand-led recovery.

IMF quota reform delay risks constraining IMF obligations; India urges timely governance changes while pursuing fiscal consolidation and climate finance demands.
Concern over delayed implementation of IMF quota and governance reforms constrains the IMF's capacity to meet obligations. The Government of India commits to fiscal consolidation-reduced current account deficit and lower inflation-using lower commodity prices to increase infrastructure investment, enact subsidy rationalization, expand financial inclusion with direct benefit transfers, and pursue major taxation reforms requiring legislative action. India also seeks climate finance that is new and additional, not counted as or diverted from existing official development assistance.

Mutual Recognition Arrangement for Authorized Economic Operators enables streamlined customs clearances and enhanced trade facilitation between participating countries.
The ASEM meeting adopted the Goa Declaration action plan focusing on Trade Facilitation, Supply Chain Security, AEO implementation and mutual recognition, Coordinated Border Management, IPR protection, trans-boundary waste controls, joint operations against counterfeit goods, Paperless Customs and Passenger Name Record; India sponsored Paperless Customs. India and Korea signed a Mutual Recognition Arrangement to facilitate the AEO scheme and accelerate customs clearances between their administrations.

Pre-budget tax consultation seeks industry proposals to revise duty structures and broaden the tax base with supporting data.
Request for industry submissions proposing changes to direct and indirect taxes, requiring economic justification and supporting statistics; Customs and Central Excise proposals must use the enclosed Annexure specifying HS codes, import and domestic production data, unit prices, existing and proposed duties, and revenue and domestic industry implications. Unclear or unsupported suggestions will not be examined. Electronic and hard copy submission channels are provided for indirect and direct tax proposals, and a synopsis template (issue and justification) is requested.

Customs cooperation to facilitate legitimate cross border trade through automation, single window clearance and risk management.
Emphasis is placed on automation, implementation of single window clearance, and deployment of risk management systems to facilitate legitimate cargo movement, reduce transaction costs and enable paperless trade; inter agency information sharing and national/local Customs Clearance Facilitation Committees are instituted to institutionalize coordinated border management and continuous improvement in trade facilitation.

Customs-tax cooperation enables smoother cross-border trade through data sharing, automation, single-window clearance and risk-based controls.
Emphasises enhanced cooperation among Customs and between Customs and tax authorities to facilitate legitimate cross-border trade while targeting high-risk imports; recommends automation, single window clearance, risk management and paperless trade to reduce transaction costs and improve predictability. Notes India's inter-agency data sharing policy, Large Taxpayer Units for consolidated services, and inter-agency Customs Clearance Facilitation Committees; urges capacity building, business involvement, digital interoperability between partner agencies, and measurable performance metrics to implement an ASEM action plan.

Exchange of information: protocol expands tax information sharing, allows bank data exchange, and adds Limitation of Benefits anti abuse protections.
The protocol updates the India Israel DTAC to align Article 27 with international standards by permitting exchange of bank information and information without domestic tax interest, allowing such information to be shared with other law enforcement agencies with Competent Authority authorization, and by adding a Limitation of Benefits article as an anti abuse measure enabling use of domestic law to address misuse of the Convention.

Exchange of information standards expanded to include bank data and permit authorised sharing with law enforcement; adds tax collection assistance.
Amendment modernises the DTAA by revising Exchange of Information to permit bank information and information absent a domestic tax interest, and by adding Assistance in the Collection of Taxes; it allows information received about a resident to be shared with other law enforcement agencies only with authorisation of the supplying State's Competent Authority.

Government securities auction: re-issue and new stock offered through price- and yield-based methods with non-competitive facility.
Auctions for specified Government Stocks and a new long-dated security will be conducted using the Multiple Price Method by the Reserve Bank of India. Up to 5% of each notified amount is reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Competitive and non-competitive bids must be submitted electronically on the RBI Core Banking Solution (E-Kuber) within prescribed time windows; auction results and payment by successful bidders will follow. The stocks are eligible for When Issued trading under RBI guidelines.

Green energy finance enables transmission upgrades to integrate renewable generation into state and national grids.
Loan agreements between the Government of India and KfW provide financing for Green Energy Corridors projects in Himachal Pradesh and Andhra Pradesh to fund intra state networks and high capacity transmission corridors that will enable renewable energy to be fed into state grids and connected to the national grid, implemented through project agreements with the respective state transmission companies.

Trade Facilitation and Supply Chain Security leads ASEM customs priorities, prompting a new action plan to balance facilitation and compliance.
The meeting convenes heads of customs administrations and observers to develop an action plan that aligns cooperative measures with five priorities: Trade Facilitation and Supply Chain Security; Combating Infringement on Intellectual Property Rights; Protection of Society and Environment; Involving Business; and Communication and Visibility, thereby guiding member administrations on balancing trade facilitation with compliance and enforcement.

Macroeconomic stability paired with fiscal consolidation to support growth and channel public investment into infrastructure.
The statement outlines policy priorities to sustain macroeconomic stability through inflation targeting and fiscal consolidation, while increasing plan capital expenditure and reducing major subsidies as a share of GDP. Key reforms include petroleum price deregulation, direct cash transfers for LPG, fertilizer subsidy rationalisation, and digitisation of the PDS. Investment stimulus measures comprise stepped-up infrastructure spending, a National Infrastructure Investment Fund, revival of PPP projects, and measures to strengthen public sector banks via governance, capital planning, and performance targets. Tax administration reforms emphasize non adversarial resolution, fewer exemptions, and expanded electronic processes.

Extension of filing deadline for income tax returns and tax audit reports grants nationwide uniform filing relief under tax administration order.
The Government authorised a nationwide extension of the electronic filing deadline for income tax returns and tax audit reports that were due by the original deadline, to avoid jurisdictional discrimination arising from divergent High Court rulings; an administrative order under the revenue statute implements the uniform extension and allows affected returns and audit reports to be filed by the extended date.

Undisclosed foreign assets compliance requires declared assets to be regularised with tax and penalty payments by a statutory deadline.
The Act provided a limited-duration compliance window for disclosure of undisclosed foreign assets; 638 declarations declaring Rs. 3770 crore were received via e filing and a designated officer until the window closed. Declarations are subject to final reconciliation. Persons using the window are required to pay specified tax and penalty liabilities by the stipulated payment deadline as the operative condition for regularisation.

Tariff valuation revised for edible oils, metals and agricultural commodities under customs notification, updating import assessment rules.
The Central Board of Excise & Customs amended Notification No. 36/2001 Customs (N.T.) by substituting TABLE 1, TABLE 2 and TABLE 3 to prescribe revised tariff values for specified imports. TABLE 1 lists tariff values per metric tonne for edible oils and related products (crude palm oil, RBD palm oil, palmolein variants, crude soybean oil), brass scrap and poppy seeds. TABLE 2 prescribes unit tariff values for gold and silver where certain notification benefits are claimed. TABLE 3 sets the tariff value for areca nuts per metric tonne, updating the customs valuation schedule for these commodities.

Self-declaration for tax non-deduction simplified; deductors to allot unique identification numbers and retain forms electronically
Payees may submit self-declarations in Form 15G or 15H on paper or electronically. Deductors will not deduct tax on valid declarations and must allot a Unique Identification Number (UIN) to each declaration. Deductors are required to furnish the particulars and UIN of self-declarations in Quarterly TDS statements, need not submit physical copies to tax authorities, but must retain the Forms 15G/15H for record retention.

Tax policy consultation drives stakeholder-sourced reforms through sectoral and chamber meetings to promote higher investment and economic growth.
The Revenue Secretary has initiated structured consultations with industry chambers and sector delegations to solicit ideas for reforming tax policy aimed at accelerating investment and economic growth, using sequenced national, regional and sectoral meetings-covering industries such as electronics and IT, telecom, power, transport and financial services-and involving departmental secretaries to integrate stakeholder and departmental inputs into budgetary policy options.

Repo rate reduction signals policy support and urges transmission to boost investment and credit growth.
The Government endorses the repo rate reduction as reflecting moderated inflation and enabling policy support, commits to fiscal consolidation, and will facilitate transmission of monetary easing including by reviewing the small savings framework. It permits corporates to raise External Commercial Borrowings through rupee denominated offshore bonds with no end use restrictions, and expands a Medium Term Framework raising FPI limits in Government Securities while establishing FPI limits for State Development Loans to boost predictability, foreign participation and liquidity.

Loan agreement advances tourism infrastructure upgrades and heritage conservation, enabling facility improvements and community capacity building.
A loan agreement between India and the Asian Development Bank provides tranche three financing under a multi-tranche financing facility to upgrade tourism infrastructure and services in Punjab, Uttarakhand and Himachal Pradesh, funding conservation of heritage sites, new arts-and-crafts centres, eco-tourism facilities, and basic service improvements, alongside capacity-building for sector agencies and local communities including training of community members and establishment of community-based societies for site management.

No extension of filing deadline: due date for income tax returns and audit reports remains; disregard fraudulent extension orders.
No extension of the statutory due date for filing income-tax returns and audit reports is in effect; the deadline remains 30 September 2015. A circulated order dated 26 September 2015 purporting to extend the filing date is fraudulent and was not issued by the Government. Taxpayers and practitioners are advised to disregard the purported order and to comply with existing filing obligations by the original due date.