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New Delhi: On the break of the additional ceremony of demonetisation, Accounts Ministry Arun Jaitley said the agenda ban was one of the important decisions taken by the government to formalise the economy. Taking on critics of the move who say best of the banned ₹ 500 and ₹ 1,000 bill addendum alternate to the cyberbanking system, the accounts abbot in a Facebook column said: “An ill-informed criticism of the Demonetisation is that about the absolute banknote money got deposited in the banks. Confiscation of bill was not an cold of Demonetisation. Accepting it into the academic abridgement and authoritative the holders pay tax was the broader objective.”

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Jaitley said demonetisation and the accomplishing of the GST has helped to augment the tax abject and aggregate college tax revenue. He additionally accent that the addendum ban additionally helped to activation agenda affairs in the country.

“India was a banknote bedeviled economy. Banknote involves anonymity in transactions. It bypasses the cyberbanking arrangement and enables its possessors to balk tax. Demonetisation accountable holders of banknote to drop the aforementioned in the banks,” he wrote in the Facebook column blue-blooded ‘Impact of Demonetisation’.

“The abomination of banknote deposited and articular with the buyer resulted in doubtable 17.42 lakh anniversary holders from whom the acknowledgment has been accustomed online through non-invasive method. The violators faced castigating actions.”

Higher deposits in the cyberbanking arrangement helped advance lending accommodation of banks and helped in financialisation of savings, he said. “A lot of this money was absent to the alternate funds for added investments. It became a allotment of the academic system,” he said.

Jaitley additionally said that admitting blurred of both absolute and aberrant taxes, collections had gone up. “Despite an anniversary assets tax abatement of ₹ 97,000 crore accustomed to the abate taxpayers and a ₹ 80,000 crore abatement accustomed to GST assessees, tax collections accept gone up. GST ante on 334 bolt which were advantageous an able 31% tax pre-GST accept witnessed a tax reduction,” he wrote.

Higher tax collections accept helped to activate added assets for spending on basement creation, amusing area and rural India, he said.

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“How away could we visualise villages actuality affiliated by road, electricity in every home, 92% advantage for rural sanitation, a acknowledged Awas Yojana, a affable gas affiliation in 8 crore poor homes. Ten crore families are covered beneath Ayushman Bharat, ₹ 1,62,000 crore is actuality spent on subsidised food, 50% access in MSP for farmers and a acknowledged crop allowance scheme. It is the formalisation of the economy, which has led to 13 crore entrepreneurs accepting Mudra loans. The Seventh Pay Commission was implemented aural weeks and the OROP was assuredly implemented,” he said.

Here is the abounding argument of Arun Jaitley’s Facebook column on ‘Impact of Demonetisation’

Today we complete two years afterwards demonetisation.

Demonetisation is a key footfall in a alternation of important decisions taken by the Government to formalise the economy.

The Government aboriginal targeted the atramentous money alfresco India. Asset holders were asked to accompany this money aback on acquittal of chastening tax. Those who bootless to do so are actuality prosecuted beneath the Atramentous Money Act. Details of all accounts and assets away which accept accomplished the Government, resulted in activity adjoin the violators.

Technology has been acclimated for both Absolute and aberrant taxes to facilitate filing of allotment and accretion the tax base.

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Financial admittance was addition important footfall to ensure that alike weaker sections became allotment of the academic economy. Jan Dhan Accounts accept resulted in best bodies actuality affiliated to the cyberbanking system. The Aadhaar Law has ensured that Absolute Benefit Transfer of Government abutment arrangement accomplished anon into the coffer accounts. The GST has added ensured that in the amount of Aberrant taxes, the tax procedures become simple. It is now acceptable added difficult to balk the tax system.

The role of cash

India was a banknote bedeviled economy. Banknote involves anonymity in transactions. It bypasses the cyberbanking arrangement and enables its possessors to balk tax. Demonetisation accountable holders of banknote to drop the aforementioned in the banks. The abomination of banknote deposited and articular with the buyer resulted in doubtable 17.42 lakh anniversary holders from whom the acknowledgment has been accustomed online through non-invasive method. The violators faced castigating actions. Larger deposits in banks bigger lending accommodation for the banks. A lot of this money was absent to the Alternate Funds for added investments. It became a allotment of the academic system.

The askew argument

An ill-informed criticism of the Demonetisation is that about the absolute banknote money got deposited in the banks. Confiscation of bill was not an cold of Demonetisation. Accepting it into the academic abridgement and authoritative the holders pay tax was the broader objective. The arrangement appropriate to be annoyed in adjustment to accomplish India move from banknote to agenda transactions. This would acutely accept an appulse on college tax acquirement and a college tax base.

Effect on digitisation

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The Unified Acquittal Interface (UPI) was launched in 2016 involving absolute time payments amid two sets of adaptable holders. Its affairs accept developed from Rs. 0.5 billion in October, 2016 to Rs. 598 billion in September, 2018. The Bharat Interface for Money (BHIM) is an App developed by NPCI for quick acquittal affairs application UPI. It is currently acclimated by 1.25 Crore people. The amount of BHIM affairs has gone up from Rs. 0.02 billion in September, 2016 to Rs. 70.6 billion in September, 2018. The allotment of BHIM affairs in all-embracing UPI affairs is at about 48% in June, 2017.

The RUPAY Card is acclimated both at the Point of Sale (PoS) and for e-commerce. Its affairs accept added from Rs. 8 billion afore Demonetisation to Rs. 57.3 billion in September, 2018 for PoS and from Rs. 3 billion to Rs. 27 billion in e-commerce.

Today Visa and Mastercard are accident bazaar allotment in India to indigenously developed acquittal arrangement of UPI and RUPAY Card whose allotment accept accomplished 65% of the payments done through debit and acclaim cards.

Appulse on absolute taxes

The appulse of Demonetisation has been acquainted on accumulating of claimed assets tax. Its collections were college in Financial Year 2018-19 (till 31-10-2018) compared to the antecedent year by 20.2%. Alike in the accumulated tax the collections are 19.5% higher. From two years above-mentioned to Demonetisation, absolute tax collections accept added 6.6% and 9% respectively. In the abutting two years, column Demonetisation the access by 14.6% (part of the year afore appulse of Demonetisation in 2016-17) and an access of 18% in the year 2017-18.

Similarly, in the year 2017-18, the tax allotment filed accomplished 6.86 crore, an access of 25% over the antecedent year. This year, as on 31-10-2018, already 5.99 crore allotment accept been filed which is an access of 54.33% compared to the antecedent year till this date. The new filers added this year are 86.35 lakh.

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In May, 2014, back the present Government was adopted the absolute cardinal of the filers of assets tax allotment was 3.8 crore. In the aboriginal four years of this Government, it has added to 6.86 crore. By the time the aboriginal bristles years of this Government are over, we will be abutting to acceleration the assessee base.

Appulse on aberrant tax

Demonetisation and accomplishing of the GST abstemious banknote affairs in a big way. An access in the agenda affairs is visible. This formalisation of the abridgement has led to the tax payer abject access from 6.4 actor in the pre-GST administration to 12 actor tax payers in the post-GST regime. The absolute burning of appurtenances and casework actuality recorded as a allotment of the tax net has now increased. This has accustomed a airiness to the aberrant tax advance in the economy. This has benefited both the Centre and the States. Every State, column GST, is accepting a binding 14% access in the taxation anniversary year. The actuality that assessees accept to now acknowledge their business about-face not alone impacts the aberrant tax calculations, but additionally ensures that assets tax arising out of them is appear in the tax assessments. In 2014-15, the aberrant tax to GDP arrangement was 4.4%. Post-GST it has climbed up by at atomic 1 allotment point to 5.4%.

Despite an anniversary assets tax abatement of Rs. 97,000 Crore accustomed to the abate tax payers and a Rs. 80,000 Crore abatement accustomed to the GST assesses, tax collections accept gone up. Ante of taxes, both absolute and aberrant accept been reduced, but tax collections accept gone up. The tax abject has been expanded. GST ante on 334 bolt which were advantageous an able 31% tax pre-GST accept witnessed a tax reduction.

Government has acclimated these assets for bigger basement creation, amusing area and Rural India. How away could we visualise villages actuality affiliated by Road, electricity in every home, 92% advantage for rural sanitation, a acknowledged Awas Yojana, a affable gas affiliation in 8 crore poor homes. Ten crore families are covered beneath Ayushman Bharat, Rs. 1,62,000 Crore is actuality spent on subsidised food, 50% access in MSP for farmers and a acknowledged Crop Allowance Scheme. It is the formalisation of the abridgement which has led to 13 crore entrepreneurs accepting Mudra Loans. The Seventh Pay Commission was implemented aural weeks and the OROP was assuredly implemented.

More formalisation, added revenue, added assets for the poor, bigger Infrastructure, and a bigger affection of activity for our citizens.

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