7th CPC Hikes funding through Income Declaration Scheme -II: Report
Highlights of Report:
1) The second income disclosure scheme (IDS) will help contain the 2017-18 fiscal deficit at 3.5 per cent of GDP,This should allow Finance Minister Arun Jaitley to hold the FY18 fiscal deficit at 3.5 per cent of GDP – same as FY17’s – and at the same time fund the 7th Pay Commission.
2) The second income disclosure scheme (IDS-II) will fetch about Rs 1,000 billion (Rs 1 lakh crore) / 0.7 per cent of GDP in additional taxes.
Conclusion: This means more funds available with the Central Government from March 2017, thus the Central Government employees demands can be achieved provided the Central Government accepts our demands in principle.
Source : karnatakacoc
- 7th Pay Commission: Rs 70,000 crore allocated for its implementation in Budget 2016
- Budget 2017 : Income tax reduced by 5% for Income upto Rs. 5 lakh
- 7th CPC recommendations will have no impact on the fiscal deficit in the current fiscal year
- 7th Pay Commission recommendations likely this year : Jaitley
- Highlights of Union Budget 2017-18