The I-T department will rely on data analytical tools and run models to separate black money holders and genuine taxpayers based on the large data base being shared by banks.
The economy could return to 8% growth by the end of 2017-2018, says Arvind Panagariya, vice-chairman NITI Aayog.
Adjusted for inflation, the earlier scheme would have collected Rs 25,000 crore.
Consensus seems a problem before the current session of Parliament ends.
It was found the declarants were persons of suspicious nature and very small means, and the declarations could have been misused.
Measures may include tax slab and rate revisions for individuals, companies.
The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Growth in the third quarter (October-December) is expected to be the weakest in years, with spending hit due to unavailability of enough replacement currency.
Limited IT staff may compel them to focus on big fish than small depositors.
'Demonetisation may have been well-intentioned, but it was a major mistake. The government should reverse it. It could at least declare that Rs 500 notes, which many poorer people frequently use, are legal again,' Basu, who till recently was World Bank vice-president, wrote in an opinion piece in The New York Times.
The study says the entire supply chain of goods and services will suffer a massive liquidity shock.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
'Because of the government's step, the people are now going to splurge on consumption.' 'If you ask me, would growth be 8% for 2017-2018, I would say 7.5% because of the demonetisation move would not be very significant.'
'Day by day, the queues will shorten.'
Information gathered from a person's social media account will be matched with his or her declared income.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
Significant portion of the funds used to fuel urban demand have become illegal and inoperative.
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