GST and faceless assessment reforms driving enhanced tax administration and capacity building through a new national training academy.
The new NACIN campus at Palasamudram is a national apex training institute, recognised by the World Customs Organisation as an Institute of National Importance, to build capacity in customs, indirect taxes and narcotics control for IRS officers, allied services, state officials and partner nations; it links tax-administration reforms-GST, simplified income tax and faceless assessment-with expanded taxpayer confidence and mandates integration of emerging technologies into professional training.

Direct tax collections show significant year-on-year growth and constitute a substantial proportion of the fiscal year's budget estimate.
Direct tax receipts show year-on-year increases in both gross and net collections, with net collections after refunds rising more sharply and comprising 80.61% of the fiscal year's budget estimate; refunds issued during the period are substantial and are explicitly deducted to report net growth. Corporate Income Tax records moderate gross growth and higher net growth after refunds, while Personal Income Tax records stronger growth in both gross and net terms, with figures presented provisionally up to the stated date.

Tax evasion exposed through search and seizure revealing unrecorded cash sales and distributor-facilitated false transactions.
Search and seizure operations uncovered documented and digital evidence indicating systematic tax evasion by a manufacturing group and certain authorised distributors, including unrecorded cash sales, distributor-paid unaccounted cash purchases, fabricated transport and subcontracting expenses, issuance of bills without genuine supply, seizure of physical unaccounted cash, and restraint on multiple bank lockers, with forensic examination and further investigation ongoing.

Tax filing compliance strengthened by prefilled returns and TIN 2.0, boosting e filing efficiency and taxpayer support.
The Income tax Department reported increased ITR filings for A.Y. 2023-24 driven by enhanced prefilled data in returns and taxpayer access to Annual Information Statement and Taxpayer Information Summary, alongside a rise in audit reports and forms filed. Operational changes included deployment of the e pay platform TIN 2.0 enabling multiple e payment options and near real time tax crediting, extensive targeted outreach campaigns, and expanded Helpdesk support; taxpayers are advised to verify unverified ITRs within thirty days to avoid consequences.

E-commerce withholding obligations clarified by CBDT guidance, addressing applicability and compliance in multi-operator digital commerce platforms.
Section 194-O imposes a withholding obligation on e commerce operators to deduct tax on gross sales or services facilitated via their platforms; CBDT Circular No. 20/2023 clarifies implementation, addresses multiple operator models such as the Open Network for Digital Commerce with scenario based examples, and provides FAQs to resolve representations and guide operators on which entity is responsible for deduction.

Tax administration modernisation strengthens compliance through faceless processes, risk based GST controls and streamlined refunds.
CBDT expanded taxpayer facilitation and digitalisation through faceless assessment, TIN 2.0 payment platform, pre filled and Updated ITRs, faster refund processing, enhanced helpdesk support and outreach, and a revamped national income tax website; while CBIC strengthened GST integrity with risk based registration and refund verification, geo tagging, sequential GSTR filing, measures against fake registrations, rationalised late fees, eased compliance for small suppliers via e commerce, and customs reforms including duty rationalisation, ICEGATE 2.0, Electronic Cash Ledger and RODTEP e scrips.

Value creation in CPSEs drives strategic disinvestment and dividend optimisation under DIPAM's recent asset-management and divestment policy.
DIPAM's 2023 programme prioritises value creation in CPSEs through calibrated capital management, timed disinvestment, and market interventions. The Department utilised both IPO issuance and Offer for Sale transactions to realise disinvestment proceeds and fresh equity, and it implemented a consistent dividend policy to increase CPSE payouts. Expressions of Interest have been issued for selected strategic disinvestments, signalling continued use of competitive EoI procedures to attract strategic investors.

Banking reform agenda expands regulatory tools and digital payments infrastructure to strengthen asset quality and inclusion.
The Department of Financial Services advanced a comprehensive reform package in 2023 centered on the EASE Reform agenda and EASENext, statutory and supervisory measures (including IBC, SARFAESI amendments, Prudential Framework, NARCL and DRT enhancements) to improve asset quality and recoveries; it transferred and expanded the DIGIDHAN mission to deepen UPI led digital payments and introduced product innovations to broaden financial inclusion through PMJDY, insurance schemes, MUDRA, Stand Up India, APY and strengthened agriculture credit via Kisan Credit Cards and targeted interest subvention.

Digital financial governance: PFMS and SNA integration streamline fund flows and enable just-in-time release and monitoring.
The Department of Expenditure implemented Fifteenth Finance Commission grant modalities and enhanced digital financial governance through the Data Gap Initiative, PFMS-driven Direct Benefit Transfer, and integrated treasury systems including Single Nodal Account and Central Nodal Account models. GIFMIS, eGramSwaraj integration and SNA-SPARSH pilots aim to consolidate payment flows, reduce float and enable just-in-time releases via state IFMIS and central bank e-kuber. A redesigned Special Assistance to States for Capital Expenditure and defined net borrowing ceilings with performance-linked additional borrowing operationalise incentives for capital investment and sectoral reform.

Public procurement expansion through digital marketplaces boosts CPSE procurement and MSE access, enhancing CAPEX monitoring and performance evaluation.
The Department of Public Enterprises monitored CAPEX of selected CPSEs, noting lower achievement against estimated expenditure by 30 November 2023; implemented an online MoU Dashboard for centralized performance assessment of CPSEs from 2021-22, which earned e governance recognition; and promoted procurement reforms with marked growth in CPSE procurement through the Government e Marketplace and procurement from Micro and Small Enterprises exceeding targets.

Sovereign Green Bonds mobilise resources for green infrastructure; coordinated initiatives advanced climate finance and financial sector reforms.
The Department of Economic Affairs in 2023 implemented a capex led growth strategy and mobilised resources for green infrastructure through issuance of Sovereign Green Bonds, introduced targeted retail savings schemes for financial inclusion including the Mahila Samman Savings Certificate, and pursued infrastructure financing reforms via the Harmonised Master List and the National Infrastructure Pipeline. Under India's G20 Presidency the DEA led Finance Track outcomes on strengthening MDBs, a G20 Roadmap on crypto assets, climate finance mobilisation, Digital Public Infrastructure for financial inclusion, debt restructuring mechanisms and the Sustainable Finance Technical Assistance Action Plan.

Public-Private Partnership capacity-building: new beginner e-course offers foundational training, self-paced modules and certification for infrastructure practitioners.
A joint World Bank-DEA e-course offers foundational PPP capacity-building through five self-paced modules covering PPP introduction, project identification, project structuring, tendering, and implementation and monitoring, with expert-curated content, interactive elements and certification to strengthen public-private collaboration in infrastructure delivery.

Loan agreement to finance urban services and tourism upgrades in Tripura, focusing on water systems, roads, and capacity building.
A loan agreement between the Government of India and the Asian Development Bank finances Tripura's urban and tourism development, funding water supply and stormwater infrastructure, upgrading accessible urban roads, capacity building for 12 urban local bodies in planning and financial management, updating building regulations for climate and disaster resilience, and tourism site improvements including a digital museum, an adventure park, and a 10 year tourism business plan.

Search and seizure by tax authorities uncovers extensive undisclosed cash and jewellery and admissions of unaccounted income.
Search and seizure by the Income Tax Department across Odisha, Jharkhand and West Bengal uncovered records of unaccounted sales, systematic undisclosed cash receipts and movement of unaccounted cash; employees and a family member admitted seized cash represented the group's unaccounted income. The operation seized undisclosed cash amounting to more than Rs. 351 crore and unaccounted jewellery exceeding Rs. 2.80 crore, much of which was recovered from concealed locations, and further investigations are in progress.

Direct tax revenue growth reflects stronger net collections and increased advance tax mobilisation in the current fiscal period.
Provisional receipts for FY 2023-24 show increased Direct Tax mobilisation: net collections rose year on year and gross collections expanded prior to refund adjustments. Major components reported include Corporation Tax and Personal Income Tax (including Securities Transaction Tax), with Advance Tax, Tax Deducted at Source, Self Assessment Tax, Regular Assessment Tax and other minor heads specified, and refunds issued reducing gross to net receipts as of 17 December 2023.

Annual drawing limits under MPLADS allow MPs to recommend projects without awaiting actual fund releases, enhancing transparency.
The Revised Fund Flow Procedure for MPLADS allocates annual drawing limits to Members of Parliament at the start of each financial year, enabling MPs to recommend new projects without waiting for actual fund releases. The fund flow and monitoring are conducted via an IT platform that provides real-time status to MPs, central and state agencies, and district authorities, enhancing transparency, accountability, and efficiency in project implementation.

Women's access to credit expands through targeted loan schemes, promoting entrepreneurship and financial inclusion among women.
High proportions of loans under flagship credit programmes are directed to women: PMMY and Stand up India prioritize collateral free institutional credit and lending targets for women and SC/ST entrepreneurs to promote women's entrepreneurship. Complementary schemes provide collateral free tranches for street vendors, integrated support for artisans, SHG bank linkages, NABARD skill programmes, cluster based livelihood promotion, and Jan Dhan accounts that enable social security coverage, collectively enhancing women's financial inclusion and economic empowerment.

Automatic exchange of information under the CRS: India provides tax experts to strengthen Saint Lucia's tax administration.
TIWB, a UNDP-OECD initiative, launched a 12-18 month programme in Saint Lucia with India as Partner Administration providing Tax Experts to strengthen tax administration through technical knowledge transfer and best-practice sharing, with operational focus on effective use of automatic exchange of information under the Common Reporting Standard (CRS) and support from the TIWB Secretariat and UNDP.

AML/CFT cooperation to strengthen virtual asset oversight, beneficial ownership transparency, and sanctions information-sharing across jurisdictions.
Reaffirmed bilateral commitment to strengthen AML/CFT frameworks through continued India-U.S. cooperation, focusing on shared policy development, technical engagement, and multilateral coordination. Participants concentrated on regulation of virtual assets and VASPs consistent with FATF standards, enhanced transparency of beneficial ownership via registries and verification, and strengthened cooperation on sanctions implementation and information sharing to prevent sanctions evasion and terrorist financing.

Climate-resilient power infrastructure financed to modernise urban distribution networks and support capacity development and livelihoods.
The project finances installation of underground cables, ring main units, compact substations and upstream substations to modernise distribution, reduce outages and technical losses, and enable renewable energy integration, paired with livelihood support for women's self help groups, community training, NGO participation, institutional capacity development for transmission and distribution entities, and formulation of an energy transition roadmap.