Hi C. Subramoniam,
For future, it can't be said anything that it will be continued or will be discontinued. It can obviously change or can remain same on the basis of impact or results observed.
It is expected that on forthcoming 5th of July, new finance minister Nirmala Sitharaman may declare something change on this.
According to some experts there are possibilities however salaried individual having 5 lakh income will not be fall in income tax criteria but they may be required to file income tax returns with zero tax liability.
And as India's economy is continually going up, the declaration of the statement could be continued.
When it comes to how the government will recover this. Business sector will be come in flaash. The indirect system like GST is direct linked by working capital of any business, which can be said as oxygen of any business. So from business industry indirect tax system of India secure a great cover amount.