Four Years Of Demonetization: Increase Indirect Tax Collection

Four years of demonetization: Finance Minister said – increase indirect tax collection after demonetization, number of those filing ITR also increased.

Finance Minister Nirmala Sitharaman on Sunday said that the ban on demonetization implemented four years from today to make the country corruption-free.

It has curbed black money unprecedentedly and has seen better compliance on the tax front.

At the same time, the digital economy was greatly strengthened. Sitharaman’s office said in a series of tweets that surveys conducted after demonetization revealed that the move revealed undisclosed assets worth several crores of rupees.

She said that ‘Operation Clean Money’ helped to organize the country’s economy.

Sitharaman has said, “Demonetisation has not only brought transparency but also increased the tax base. This helped in curbing fake currency and its spread. ”

“After demonetization, there has been a significant reduction in the number of counterfeit notes in banking channels,” he said.

The Finance Minister, while enumerating the other benefits of demonetization, has said that after this step there has been an increase in the number of new people paying income tax.

Apart from this, the number of corporate tax returns also increased after demonetization. He said that there was an improvement in net direct tax collection and direct tax to GDP receipts after demonetization.

A series of tweets from the official Twitter handle of the Bharatiya Janata Party stated that the demonetization decision proved to be a boon for real estate.

The tweet states, “The real estate sector was a very easy way for black money transactions. Post demonetization, the real estate sector is now proving to be more transparent, organized, reliable, and favorable to buyers. ”

Demonetisation proved to be a boon for real estate

The real estate sector became a very easy way for black money transactions. Demonetisation real estate sector is now proving more transparent, organized, reliable, and favorable for buyers.

Union Minister Ravi Shankar Prasad has said, “Demonetisation has encouraged the citizens of the country to adopt digital payments.

The number of UPI transactions crossed the two billion mark in October 2020. This shows that more and more people are adopting digital payments. ”