Finance Minister P Chidambaram told PTI that India has a huge stake in the automatic exchange of information for the tax purposes as well as BEPS project.

Some global companies, Australian Treasurer Joe Hockey, said, "...aren't paying their fair share of tax anywhere. We want a global response".

The G20 asked all tax jurisdictions that have not yet complied with the existing standard for exchange of information on request to do so and sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

"We will engage with, and support low-income and developing countries so that they benefit from our work on tax," the communique added.

It said by the Brisbane summit in September, G20 members will start to deliver effective, practical and sustainable measures to counter BEPS across all industries in an increasingly globalised economy.

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