Arun Jaitley on demonetisation: FinMin says Tax collection rose after note-ban

Posted on by Ankita Sharma

Arun Jaitley on demonetisation: Finance Minister Arun Jaitley said on Monday that the tax collections have gone up despite the demonetisation of the old notes of Rs 500 and Rs 1000. He said that the tax collection increased by 31 percent in the month of December.

Arun Jaitley on demonetisation: FinMin says Tax collection rose after note-ban

There has been no business sufferings and job losses due to demonetisation – says Arun Jaitley

Jaitley told that the collections of direct taxes grew by 12.01 percent and that of indirect taxes grew by 25 percent aas compared to the collections of the last year.

Arun Jaitley on demonetisation – There have been no job losses or business sufferings due to note-ban

“The big picture is that direct taxes for first three quarters have moved up, indirect taxes have significantly moved up. December 2016 has moved up compared to December 2015 and December 2016 has moved up compared to November 2016…tax figures are real. This is the money which has come in” Arun Jaitley said in the statement.

Furthermore, brushing away the rumours of business sufferings and the job losses he said – “All the stories about job losses or businesses suffering losses are anecdotal.”

Central excise duty rose by 43 percent, service tax 23.9 percent, customs duty 4.1 percent and the increase in indirect tax collection increased by 12.8 percent.

“As a considerable debate is in the public space about the impact of the currency squeeze in the month of November and December, the data of these two months become relevant”, he added.

Also Read: Parliamentary Committee PAC summons Urjit Patel for its demonetisation move probe

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