India has ratified the Convention on Mutual Administrative Assistance in Tax Matters, a multilateral agreement developed jointly by the Council of Europe and the OECD that was opened for signature to all countries in June 2011.
Substantial fiscal consolidation was achieved under the aegis of the 2003 Fiscal Responsibility and Budget Management Act.
In recent years, India has enjoyed one of the highest growth rates worldwide, weathering the global financial crisis better than many other countries.
The OECD and India have announced plans to strengthen ongoing co-operation on tax-related issues through the development of a three-year partnership that will provide greater opportunities for structured dialogue and information sharing.
India faces the same challenges as every OECD member country: how to adapt its domestic tax system and its international tax policies to a borderless economy, and how to ensure that the approaches embraced today will be well suited to meet the needs of the economy of tomorrow, said OECD Secretary-General. OECD can offer to India a forum for sharing worldwide experiences and benchmarking national policies against best practices, a
This report summarises the legal and regulatory framework for transparency and exchange of information for tax purposes in India.
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India hosted the second meeting of the Steering Group of the Global Forum on Transparency and Exchange of Information on 11 – 12 February in New Delhi.The Steering Group, which guides the work of the Global Forum, considered the core documents required to launch the peer review process. It also examined the progress of the Global Forum in moving forward on the mandate given to it by the G20 in November 2009.