India's GDP growth rate of 7.9% in Q4 of FY 2015-16

PRESS INFORMATION BUREAU
GOVERNMENT OF INDIA
*****
India continues to remain a bright spot in world economy with
robust macro-economic and fiscal parameters;
Together with GDP growth of 7.9% in Q 4 of 2015-16 and 7.6% in
the whole of 2015-16

New Delhi, 31st May, 2016
 
The Provisional Accounts for 2015-16 have been released by the
Government today (31.5.2016). Fiscal Deficit in 2015-16 stands at 3.9% of GDP
as estimated both in BE and RE of 2015-16. This is a significant improvement
over the Fiscal Deficit of 4.1% in 2014-15 and 4.7% in 2013-14.
Revenue Deficit has also shown significant improvement due to increase in
Capital Expenditure of the Central Government. Revenue Deficit which stood at 3.2% of GDP in 2013-14 has improved to 2.9% in 2014-15 and 2.5% in 2015-16.
The Capital expenditure has increased substantially to Rs 2,35,253 crore in 2015- 16 which is an increase of Rs. 38,572 crore over 2014-15 and Rs.47,578 crore over 2013-14.

Signing of 11 unilateral Advance Pricing Agreements (APAs)

The Advance Pricing Agreement (APA) programme was introduced by the Finance Act, 2012 to provide a predictable and non-adversarial tax regime and to reduce litigation in the Indian transfer pricing regime. Taking this programme forward, the Central Board of Direct Taxes signed 11 unilateral APAs on 28th March, 2016. With this signing, India has entered into 59 bilateral and/or unilateral APAs. 50 of these agreements have been signed in the current financial year. The agreements cover a range of international transactions, including corporate guarantees, royalty, software development services, IT enabled services and trading. The agreements pertain to different industrial sectors like telecom, media, automobiles, IT services, etc. Some of the agreements have rollback provisions and provide certainty to the taxpayers for 9 years with regard to the covered international transactions.

Govt to constitute SIT for recovering Black Money

CONSTITUTION OF SPECIAL INVESTIGATING TEAM (SIT) TO IMPLEMENT DECISION OF SUPREME COURT ON LARGE AMOUNTS OF MONEY STASHED ABROAD

PRESS RELEASE, DATED 27-5-2014

The Union Cabinet today approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon'ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities.

The SIT will be headed by Hon'ble Mr. Justice M.B. Shah, former Judge of the Supreme Court as Chairman and Hon'ble Mr. Justice Arijit Pasayat, former Judge as Vice Chairman.

The Members of the High Level Committee will comprise:

i.		Secretary, Department of Revenue
ii.		Deputy Governor, Reserve Bank of India,
iii.		Director (IB),
iv.		Director, Enforcement
v.		Director, CBI
vi.		Chairman, CBDT,
vii.		Director General, Narcotics Control Bureau
viii.		Director General, Revenue Intelligence
ix.		Director, Financial Intelligence Unit
x.		Director, Research and Analysis Wing and
xi.		Joint Secretary (FT&IR-1), CBDT

The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in cases of Hasan Ali and other matters involving unaccounted money. SIT shall have jurisdiction in the cases where investigations have already commenced or are pending or awaiting to be initiated or have been completed. SIT will prepare a comprehensive action plan including creation of necessary institutional structure that could enable the country to fight the battle against unaccounted money. The SIT should report to the court the status of work from time to time.