North Block (New Delhi). Marking the closure of Income Declaration Scheme (IDS) at the midnight hours of September 30, the Ministry of Finance came out with figures wherein a sum of approx. Rs.30,000 crores has been collected as taxes and penalty against Rs.65,250 crores of undisclosed income.
The scheme was rolled out for (non)tax-payers to voluntarily come out and disclose the quantum of black money they were holding and get it converted into white by paying just 45% of the amount as taxes and penalty.
Needless to mention, this is the first ever scheme introduced by Modi Government for converting something from black to white. This has been achieved without applying any fairness cream to it, which has higher success rate as per the endorsers and marketing experts of the product.
Handling the queries at a Press Conference, Mr. Arun Jaitely said, “The People of our country has shown faith in us and has made the scheme a success. My this year’s appraisal is heavily dependent on it and I’m quite sure that I have made by boss happy. For those who are curious to know that where the Government is going to use this money, then let me make it clear that we are going to spend it on online shopping. Bulk purchases will be made by capitalizing the spending opportunities under Flipkart’s Big Billion Day Sale and Amazon’s Great Indian Sale if they don’t give ‘out of stock’ signal too early.”
“This will not only boost the revenue of e-commerce giants, but also will increase the internet data traffic giving a pump to Modiji’s Digital India initiative” said Mr. Jaitely while downloading Flipkart and Amazon application using Reliance Jio netwrok.
Though the announcement should be taken as a positive news, the officials of Flipkart and Amazon are worried that it will involve huge logistic cost to deliver the order if PM Modi happens not to be in India.