This translates into a growth of 18 per cent compared to the previous year as excise, service tax and personal income tax collection showed buoyancy.
The CBDT today issued an order that all designated offices of the Income Tax department which can accept declarations under the black money window of PMGKY will remain open till midnight of March 31.
Significant element of coercion, government's fequent change of stance and lack of trust brought in a confrontationist attitude and led to the failure of Pradhan Mantri Garib Kalyan Yojana.
"Revenue if at all can exceed because people are pointing out that you have not taken into account windfall you will get from RBI because of demonetisation," he told PTI in an interview.
The forecast on real GDP growth in the range of 6.75%-7.75% for FY18 should translate into a nominal growth of 11-12% for the coming fiscal. The forecast comes with caveat of three imponderables â€“ lingering impact of demonetisation beyond the current fiscal, a rise in crude prices and the impact of GST.
Pradhan Mantri Garib Kalyan Yojana, 2016 provides an opportunity for black money holders to disclose income in the form of cash or deposit and pay tax, surcharge and penalty totaling in all to 49.9 per cent of the declared income and an additional 25 per cent deposit in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.
Speaking to CNBC-TV18 Nilesh Shah, Managing Director at Kotak Mahindra Asset Management, said that it is better to wait for results from the demonetistiaon move.
Chauhan also told them that the PMGKY should not be considered as the "Income Declaration Scheme Part-II" as it has a different "motive and purpose".
In a clarification on Provisions of the Taxation and Investment Regime for PMGKY, CBDT said the scheme will not be applicable to anyone facing charges under the Foreign Blackmoney Act.
The government is likely to notify this week the scheme giving tax dodgers another chance to come clean by paying 50 percent of tax on junked currency deposited in banks post demonetisation.
In an interview to CNBC-TV18, Prakash Diwan, Market Expert at Altamount Capital Management shared his readings and outlook on market and specific stocks.