INSUBCONTINENT EXCLUSIVE:
Arun Jaitley said demonetisation compelled holders of cash to deposit the same in the banksFinance Minister Arun Jaitley on Thursday said
demonetisation resulted in formalisation of economy and increased tax base, prompting the government to earmark more resources for the poor
and infrastructure development
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance (NDA)
government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014
"By the time the first five years of this government are over, we will be close to doubling the assessee base," he said in the post titled
"Impact Of Demonetisation"
further said with the implementation of the goods and services tax (GST), it is now becoming increasingly difficult to evade the tax system
and the indirect tax to gross domestic product (GDP) ratio has gone up to 5.4 per cent post GST, from 4.4 per cent in 2014-15
Jaitley said confiscation of currency was not an objective of demonetisation
The system required to be shaken in order to make India move from cash to digital transactions
This would obviously have an impact on higher tax revenue and a higher tax base," Jaitley said
Rs 15.31 lakh crore have returned to the banking system
coming under income tax scrutiny
has been received online through non-invasive method," he said
The violators faced punitive actions
Larger deposits in banks improved lending capacity for the banks
A lot of this money was diverted to mutual funds for further investments
It became a part of the formal system, Jaitley added
of the payments done through debit and credit cards
year, as on October 31, 2018, already 5.99 crore returns have been filed - which is an increase of 54.33 per cent compared to the previous
As many as 86.35 lakh new filers were added this year
ability to undertake massive structural reforms
"Tax filers under both direct and indirect taxes are close to getting doubled
Digital payments have risen sharply and become common place
Fake notes are out," Garg tweeted.
