VDIS picking up

NEW DELHI, July 9: Finance minister P Chidambaram's hard-sell of the voluntary disclosure of income scheme (VDIS) around the country seems ...

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NEW DELHI, July 9: Finance minister P Chidambaram’s hard-sell of the voluntary disclosure of income scheme (VDIS) around the country seems to be having its impact. After a hesitant start, the scheme is showing strong signs of picking up, finance ministry officials point out.

VDIS has notched up a total of 80 disclosure as of July 8. The total tax paid is Rs 6.90 crore. The scheme mopped up Rs 34 lakh by way of taxes in the first three days, after it was flagged off on July 1. The bulk of the money has come in the subsequent days.

The number of disclosures has started acclerating from this week. Yesterday, for example, there were 14 disclosures as against a total of 23 in the previous seven days. Wednesday’s figures have not come in yet, but revenue officials claim that the upward trend in disclosures is continuing.

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The highest number of disclosures has come not from any of the major metropolitan cities but from Pune. There are 37 disclosures from the city and the total tax paid is Rs 1.61 crore. Bangalore comes second, with tax paid on VDIS account notching Rs 55.90 lakh.

In comparision, Mumbai, Delhi and Calcutta – from where the ministry expects the large declarations – are witnessing a slow start. Delhi has had only one disclosure so far. The assessee paid a tax of Rs 22.70 lakh.