Post Devolution Revenue Deficit Grant released to eligible states under Finance Commission recommendations in monthly instalments to cover revenue gaps
The third monthly instalment of the Post Devolution Revenue Deficit Grant, recommended by the Fifteenth Finance Commission, was released to fourteen States as part of a total annual grant to be disbursed in twelve equal monthly instalments to address assessed post-devolution revenue-expenditure gaps; eligibility and quantum for 2020-21 to 2025-26 were determined by the Commission and state-wise recommended amounts and instalment disbursements are set out in the release.

Investor awareness initiatives expand with a National CSR Exchange Portal, investor oath rollout, and targeted senior citizen protections.
The Ministry of Corporate Affairs launched multiple investor facing and governance initiatives during an Iconic Day: a National CSR Exchange Portal for voluntary CSR project engagement; a commemorative postal stamp promoting investor awareness under the Investor Education & Protection Fund Authority; administration of an Investors Oath in 75 locations supported by a film; release of a corporate governance short film; an IBC publication on emerging insolvency issues; an e book Compendium on CSR; awards for an IBC national quiz; and a Special Window Facility for senior citizens aged 75 and above.

Single-window credit facilitation expands access to government credit schemes, streamlining eligibility checks and loan processing.
Jan Samarth is a national single-window portal linking applicants to 13 government credit-linked schemes and 125+ member lending institutions. It performs real-time eligibility and verification checks with databases (CBDT, GST, UDYAM, NeSL, UIDAI, CIBIL), provides in-principle sanction, forwards applications to selected banks, and updates beneficiaries at each stage, reducing multiple visits to bank branches and facilitating credit access for students, farmers, MSMEs and entrepreneurs.

PPP toolkits strengthen decision making for public private partnerships by providing sector specific resources and official training workshops.
A two day hybrid workshop trained government officials in using PPP Toolkits to enhance decision making for infrastructure PPPs, covering PPP structuring, value for money assessment, contingent liabilities recognition and post award contract management. The web based toolkits provide sector specific guidance for state highways, water and sanitation, ports, solid waste management and urban transport, and are intended for use by PPP practitioners across public and private sectors to standardize project appraisal, risk evaluation and contract governance.

Virtual digital asset taxation: transfers now taxed on a flat basis with new withholding and no loss set off.
The Finance Act, 2022 preserves existing slab rates and cess but introduces substantive changes: a new tax regime requiring forfeiture of specified exemptions/deductions; taxation of virtual digital asset transfers on a flat basis with no deductions or loss set off; withholding obligations on transfers of virtual digital assets and on value of benefits/perquisites; an updated return regime with additional tax for late updating; and expanded TDS/TCS, non filer and PAN related withholding and compliance obligations, supported by a detailed TDS/TCS compliance calendar.

Trade remedies procedural reforms enhance transparency and reduce compliance burden for exporters and domestic industry
DGTR implemented procedural reforms across anti-dumping, countervailing duty and safeguard regimes by simplifying filing requirements, introducing self-certification and sampling for fragmented producers, issuing revised sunset review guidelines and anti-absorption rules, and operationalising an online portal, helpdesk and Trade Defense Wing to defend exporters and assist stakeholders, thereby aiming to enhance transparency, ease of doing business and reduce compliance burden.

Fast-tracking pharmaceutical approvals speeds registration of Indian products already authorised by major regulators, facilitating market access.
Fast-tracking of regulatory approvals for Indian pharmaceutical products already registered with major foreign regulators was agreed to expedite market access, supported by a jointly released market research report on the Omani pharmaceutical sector. Parties also agreed to address tariff and non-tariff barriers and to conclude pending MoUs and agreements, including standards and metrology arrangements, a Double Taxation Avoidance Agreement and a Bilateral Investment Treaty, to enhance trade, investment and sectoral cooperation.

Investment-driven growth aims to attract global investors through trade deals, regulatory reforms and manufacturing incentives.
Government aims to capitalise on the demographic dividend to drive investment-driven, export-led growth by reducing corporate tax, reforming FDI policy, easing compliance, and deploying initiatives such as PM Gati Shakti and Make in India to boost high-technology manufacturing, expand exports, and attract domestic and international investors; concurrently, negotiated FTAs and trade agreements are positioned to enlarge markets for labour-intensive and value-added exports and to support bilateral trade and investment ties.

Post devolution revenue deficit grant released to address States' post-devolution revenue shortfalls under Finance Commission recommendations.
Post Devolution Revenue Deficit Grants were released as monthly instalments to 14 States under the Finance Commission's recommendation; the Department of Expenditure effected the second instalment, implementing a 12-month release schedule. Eligibility and quantum for 2020-21 to 2025-26 were determined by the Commission based on the assessed gap between State revenue and expenditure after accounting for assessed devolution, and state-wise allocations were provided to address post-devolution revenue shortfalls.

Tax administration integrity urged: trainees must ensure non-arbitrary, non-adversarial tax enforcement while upholding civil service duties.
Induction training emphasised tax administration principles, non-arbitrary conduct, and civil service duties. NADT's 16-month programme covers Income Tax law, jurisprudence, allied laws, accountancy and tax administration and is guided by the Citizens' Charter. Officers were urged to maintain integrity, be fair and firm, and ensure a non-adversarial, non-intrusive tax regime while pursuing revenue objectives. The ceremony acknowledged faceless administration initiatives and recognised top academic and overall performers as part of preparing officers for integrity-driven tax administration.

Investor engagement promotes policy reforms to improve investor experience and facilitate entry and expansion in the domestic market.
DPIIT held an Investor's Roundtable to boost investor confidence, obtain industry policy recommendations, and promote continuous government-industry dialogue to enhance the investor experience. The meeting highlighted reforms including a reduction in Basic Customs Duty, extension of corporate tax eligibility timelines for new companies, Production Linked Incentive schemes, and PM Gati Shakti to improve logistics. It also stressed MSME opportunities for global supply chain integration and involved central and state agencies to respond to investor suggestions.

International financial cooperation: IMF engagement and coordinated support for vulnerable economies following geopolitical and economic shocks.
Bilateral discussions emphasized international financial cooperation and IMF engagement, highlighting India's rapid growth, targeted policy mix, vaccination efforts, and contributions to IMF capacity development. Both leaders discussed IMF financial assistance and continued engagement with Sri Lanka amid its crisis, concerns about geopolitical-driven energy price shocks, and the complementary roles of India's accommodative fiscal and monetary stance alongside structural reforms and targeted support for MSMEs and vulnerable groups to bolster resilience and address global supply chain issues.

Ease of Doing Business: SPICe+ single window integration and regulatory reforms streamline company formation and compliance.
The ministry consolidated multiple statutory registrations into the SPICe+ single window process-covering name reservation, incorporation, DIN issuance, labour and tax registrations, selected state registrations, optional GST capture and bank account facilitation-to expedite and centralize pre and immediate post incorporation formalities, alongside regulatory measures revising the Small Companies definition, waiving government incorporation fees up to a prescribed authorised capital, incentivising One Person Companies and de criminalising technical corporate violations.

Project Readiness Financing to design climate resilient urban infrastructure and strengthen municipal resource mobilization.
The Government of India and the Asian Development Bank provided Project Readiness Financing to prepare climate resilient water supply, sanitation, solid waste management and urban road subprojects in 16 district headquarters towns in Nagaland, including urban sector strategy development, feasibility studies and detailed engineering designs. The facility also supports strengthening state agencies and urban local bodies through capacity building to augment municipal resource mobilization, improve implementation readiness and initiate sector and institutional reforms to expand access for poor and vulnerable populations.

Post Devolution Revenue Deficit Grants: first monthly instalment released to recommended states under constitutional fiscal transfer framework.
The Department of Expenditure released the first monthly instalment of the Post Devolution Revenue Deficit Grant to 14 States pursuant to the Fifteenth Finance Commission's recommendations, implementing a twelve month equal instalment disbursement of the Commission's total allocation for 2022-23. The grant, provided under the constitutional fiscal transfer framework, is designed to cover assessed gaps between state revenue and expenditure post devolution; eligibility and quantum for 2020-21 to 2025-26 were fixed by the Commission and state wise amounts and first instalments are indicated in the release.

Additional borrowing linked to power sector reforms grants states extra fiscal space upon meeting prescribed performance benchmarks.
States are eligible for additional borrowing conditional on undertaking mandated power sector reforms and meeting prescribed performance benchmarks. The scheme-providing extra fiscal space up to 0.5% of GSDP over a four year period-targets improved operational efficiency and increased paid consumption. Mandatory reforms include state assumption of DISCOM losses, transparent financial reporting, timely accounts and audits, and regulatory compliance. Performance metrics for eligibility include metered consumption share, subsidy delivery by DBT, payment of government electricity bills, prepaid meters in government offices, use of innovations, and bonus marks for DISCOM privatization, with the Ministry of Power assessing state performance.

Extension of filing deadline for Form No.10AB: additional short-term time granted for electronic registration applications under charitable tax exemptions.
The tax authority has extended the last date for electronic filing of Form No.10AB for applications seeking registration or approval under the charitable exemption regimes, citing difficulties in electronic submission under the Income-tax Rules and providing a short additional filing date for affected applications.

Tax evasion through bogus expenses and undeclared cash uncovered, exposing laundering, paper-company layering and inadmissible claims.
Investigations found fabricated or unsupported business expenditures routed through a single event management entity and paper companies, involving extensive layering to siphon funds and render claims inadmissible expenditure under the Income tax Act. Searches also exposed land acquisitions through paper companies with large unaccounted cash payments, on money real estate transactions, bogus expense bookings and non recognition of income by a chartered flight operator, rotation of funds via a dubious NBFC, and provisional seizure of undisclosed cash and jewellery.

TCS exemption for non-resident visitors removes collection requirement on domestic tour operators selling overseas tour packages.
The Central Government specified that the TCS provision for sale of overseas tour programme packages shall not apply to a buyer who is an individual not resident in India and who is visiting India, thereby removing the requirement for domestic tour operators to collect tax from such non-resident individual visitors; this change addresses difficulties arising from absence of PAN and refund complications.

Aadhaar-PAN linking requirement: failure to intimate Aadhaar within the compliance window will render PAN inoperative thereafter.
A transitional compliance window until 31 March 2023 permits assessees eligible for Aadhaar who have not intimated it to keep PAN functional for tax procedures while allowing Aadhaar-PAN linking on payment of a prescribed fee; after the window, failure to intimate Aadhaar will render PAN inoperative and attendant statutory consequences for non furnishing or non quoting of PAN will apply.