States to get VDIS share only next fiscal

NEW DELHI, Jan 2: The Voluntary Disclosure of Income Scheme would also save the 1997-98 budget and help the government to maintain a semblance of fiscal prudence. Revenue secretary N K Singh, who was busy totalling the collection figures which were pouring from all corners of the country, while talking to The Indian Express, said that the disclosures would be mentioned in the budget under a new head.

Singh said that that 77.5% of the collection, as promised by the FM, would be transferred to the states in the next financial year. This would mean that the 1997-98 budget in the revised estimates would show the collections as receipts without commensurate outflow to the states.