While we are at the verge of the 2016 year end, reminiscing on the most important events of the year, demonetisation indubiously tops the list. While there are various pros and cons of the decision which have been obserevd by the Indian citizens. There are surely more pros through the demonetisation move, as far as the country’s prosperity is concerned.
Finance Minister Arun Jaitley today reaffirmed that the decision of Mega cash-clean up has consequentially resulted in proliferated tax collections.
The minister also pointed out that sectors like life insurance business, petroleum consumption, tourism and investments in mutual funds have soared up exponentially, owing to the massive move.
“What was being predicted by the critics has to have a rationale with the revenue collections. Assessments can be unreal but revenue is real,” Mr Jaitley said. “In all the categories (of indirect tax) till November 30, there has been a significant increase in tax collection,” minister added. And till December 19, income tax collection has gone up by 14.4 per cent”, the minister informed.
“The excise duty collection went up by 43.5 per cent, service tax by 25.7 per cent and customs duties by 5.6 per cent. Even on a month-on-month basis, the tax collection this November was higher,” Jaitley informed, while spelling out the accurate numbers.
Mr. Jaitley said, “We have tried to check for the month of November which could have been adversely impacted by currency replacement. Compared to the November of 2015, on a year to year basis, all the collection of all three indirect taxes in November of 2016 is much higher.”
“The RBI has very large currency available.” The minister reiterated, thereby relieving the public of an anticipated cash-crunch“more notes of Rs. 500 are being released.”
Post Demonetisation, the pains of Aam-Aadmi have got alleviated subsequently, but what doesn’t seem to end any sooner are the constant reminders form the opposition directed to the Prime Minister. The opposition doesn’t leave any opportunity to hit Modi. They are always reminding the PM about his promise that things will get back to normalcy after 50 days of the demonetisation announcement.
Nevertheless, Indians are ready to confront all it takes to support Narendra Modi in formulating and manifesting his dream of a ‘Cashless-India’ and a ‘Corruption-less India’.
