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Impact of demonetisation has been felt in tax collections, writes finance minister Arun Jaitley

Updated : November 09, 2018 03:00 PM IST

Confiscation of currency was not an objective of demonitisation. Getting it into the formal economy and making the holders pay tax was the broader objective.
The impact of demonitisation has been felt on collection of personal income tax. Its collections were higher in Financial Year 2018-19 (till 31-10-2018) compared to the previous year by 20.2 percent. Even in the corporate tax the collections are 19.5 percent higher.
Every State, post GST, is getting a mandatory 14 percent increase in the taxation each year. The fact that assesses have to now declare their business turnover not only impacts the indirect tax calculations, but also ensures that income tax arising out of them is disclosed in the tax assessments.
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