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National News

Apr 03, 2018

Impact of demonetisation and GST implementation has resulted into higher formalisation of economy: Arun Jaitley

Finance Minister Arun Jaitley today said, the impact of demonetisation and GST implementation has resulted into higher formalisation of economy. In a tweet, Mr Jaitley said, this fact is further substantiated by filing of more than one crore IT returns by tax payers during the financial year 2017-18 in comparison to 2016-17. He said, direct tax collections for financial year 2017-18 has been 18 per cent higher than the previous financial year. 
The Minister said, the data reveals the efficiency of tax department and rise in number of honest tax payers. He also said, this historical revenue receipt is a factual testimony of accountable governance under Prime Minister Narendra Modi's leadership.

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