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Aug 30, 2018
8:59PM

FM says demonetization fulfilled objective of making India tax compliant society

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Finance Minister Arun Jaitley today said demonetization fulfilled the objective of making India a tax compliant society.

He said, the positive impact of demonetisation is more formalisation of the economy, higher tax revenue, higher expenditure and higher growth. In a Facebook post, Mr Jaitley, rejected the claims that demonetisation has failed as most of the currency came back into the banks.

He said mere deposit of cash does not lead to a presumption that it is tax paid money. Mr. Jaitley asserted that the invalidation of the non-deposited currency was not the only object of demonetisation and the larger purpose was to move India from a tax non-compliant society to a compliant society.

Mr. Jaitley added that post demonetisation about 1.8 million depositors have been identified for this enquiry and many of them are being slapped with tax and penalties. 

Rejecting Opposition criticism, the Finance Minister said, the number of Income Tax returns filed almost doubled from 3.8 crores in March 2014 to 6.86 crore in 2017-18.

He said, the income tax collections also increased from 6.38 lakh crore rupees in 2013-14 to 10.02 lakh crore in 2017-18.

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