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.
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.
'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.
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
If receipts from disinvestment, tax buoyancy and black money scheme offset shortfall in spectrum sale, higher expenditure due to pay commission's recommendations and capital expenditure, then the government would be able to meet the target of controlling fiscal deficit at 3.5 per cent of GDP this financial year.
'GST gives a huge relief to small businesses of India and West Bengal.'
Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
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