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.