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The government is expected to receive ₹14,700 crore, or 0.1 per cent of GDP this fiscal from the income declaration scheme (IDS), says a Nomura report.
“The government will raise ₹147 billion, or 0.1 per cent of GDP (50 per cent of the total tax payable) in FY17 (year ending March 2017) and the rest in the next fiscal year,” according to the Japanese financial services major.
At the end of the scheme, cash and other assets worth ₹65,200 crore ($9.8 billion, or 0.4 per cent of GDP) were reported, “which was more than we expected”, Nomura said.
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