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Impact of demonetisation, GST resulted into higher formalisation of economy: Jaitley


New Delhi: Finance Minister Arun Jaitley has said that the impact of demonetisation and GST implementation has resulted into higher formalisation of economy. In a tweet on Tuesday, Finance Minister Jaitley said, “This is further substantiated by filing of more than 1 crore Income Tax returns by tax payers during FY 2017-18 (6.84 Cr ITRs) in comparison to FY 2016-17 (5.43 Cr ITRs). He added that Direct tax collections for FY 17-18 has been Rs 10,02,607 Cr (18 per cent higher than previous year). The data reveals the efficiency of tax Department and rise in number of honest tax payers. He further said that this historical revenue receipt is a factual testimony of accountable governance under Prime Minister Narendra Modi.

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