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CBDT to hold review meeting on PMGKY, tax collection on Mar 17

Press Trust of India  |  New Delhi 

The CBDT will hold a high-level meeting later this week to review the progress in collections under the window of Pradhan Mantri Garib Kalyan Yojna (PMGKY), that will close on March 31.

Officials said the (CBDT), the policy-making body of the Department, will hold the meeting with all the regional heads of the department on March 17.

They said the meeting will be chaired by CBDT Chairman Sushil Chandra along with other Members of the board and all Chief Commissioners of the department have been asked to attend the meeting that will be held via a video conferencing facility.

"The meeting will also review the collection work as the current financial year comes to an end on March 31," a senior official said.

The last cycle of advance collections has got over today and the meeting will review the overall progress to achieve the target of Rs 8.47 lakh crore in the 2016-17 fiscal.

After last year's demonetisation, the government came out with PMGKY under which people holding unaccounted cash can deposit them in bank accounts till March 31 by paying 50 per cent plus penalty.

A quarter of the total sum will have to be parked in a non-interest bearing deposit for four years.

The PMGKY commenced on December 17 and will remain open for declarations and deposits up to March 31.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, March 15 2017. 20:49 IST