- FM Tables Income Tax Amendment:
- Proposes Tax of 30%, Penalty of 10% & Surcharge of 33% on Tax of Undisclosed Income coming to light out of Demonetization. (Totaling to 49.9%). Surcharge named Pradhan Mantri Garib Kalyan Cess.
- Further 25% of Undisclosed Income will be kept in a Deposit Scheme with bank in consultation of RBI, modalities to be decided later.
- A 75% tax and 10% penalty in case Income Tax authorities detect undisclosed wealth deposited post demonetization.
- Anti profiteering Clause in revised Model GST Act to ensure that Suppliers pass on benefit of lower rates or Input Tax Credit to consumers.