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November 8, 2020

Modi govt implemented Demonetisation 4 years ago Know 10 things which changed forever

by facelesscompliance in Income Tax

Modi govt implemented Demonetisation 4 years ago Know 10 things which changed forever

To fulfill its promise of freeing India from corruption, the Modi govt implemented Demonetisation 4 years ago on this day, today. The move that was an unprecedented attack on Black Money also led to better tax compliance and a major push to digital economy.

1) Operation Clean Money Formalise the economy

While surveys conducted post-demonetisation led to unearthing of undisclosed income worth several crore, Operation Clean Money helped formalise the economy

2) Fake currency in banking channel has decreased significantly after Demonetisation

3) Number of new tax filers and number of income tax returns filed has increased after Demonetisation.

4) Increase in number of corporate tax returns filed after Demonetisation.

5) Increase in net direct tax collection and direct tax to GDP ratio after Demonetisation.

6) Estimated trend in direct tax collections if Demonetisation had not taken place

7) How has demonetisation brought corporate compliance

Corporate taxpayers returns in 2018-19 were 35% higher than the number of returns in 2013-14. During 2016-17, 8.03 lakh returns were filed by corporate taxpayers; this increased to 9.42 lakh in 2017-18

8) How has demonetisation increased digitisation?

In 2016-17, UPI saw transactions worth Rs 6,952 crore while it increased to Rs 21 lakh crore in 2019.20.

9) Demonetisation a boon for New India in combating Terrorism

10) Real estate sector had become a very easy way for black money transactions now changed

Post demonetisation, the real estate sector is now more transparent, organised, reliable and favorable to buyers.

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