{"id":29955,"date":"2018-10-26T13:12:05","date_gmt":"2018-10-26T07:42:05","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=29955"},"modified":"2018-10-26T13:12:05","modified_gmt":"2018-10-26T07:42:05","slug":"what-demonetisation-did-to-tax-collections","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/what-demonetisation-did-to-tax-collections\/","title":{"rendered":"What demonetisation did to tax collections"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/what-demonetisation-did-to-tax-collections\/article23551810.ece\"><strong>What demonetisation did to tax collections<\/strong><\/a><\/p>\n<p><strong>Context <\/strong><\/p>\n<p>Effect of Demonetisation<\/p>\n<p><strong>Demonetisation\u2019s effect on tax collections<\/strong><\/p>\n<ul>\n<li>Net collections have increased by 17.1% in the just concluded fiscal year, to Rs. 9.95 lakh crore. In FY15 and FY16, India\u2019s direct tax kitty witnessed growth of just 8.9% and 6.9%. But seen from a historical perspective, a 14% or even 17% annual increase in direct taxes isn\u2019t extraordinary for the Indian economy.\n<ul>\n<li>For instance, in fiscal year FY14 (under the UPA government), direct tax collections rose 14.3%. In FY11, they had expanded 18%. Clearly, these numbers were achieved without any tinkering with high-value currency notes<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tax buoyancy<\/strong>: Tax buoyancy has picked up post-demonetisation. In the seven years from FY08 to FY14, direct tax buoyancy hovered between 0.5 and 1.1 times, averaging out at 1 for the period. Direct tax buoyancy doubled from 0.6 times in FY16 to 1.3 times in FY17 and accelerated further to 1.7 times in FY18<\/li>\n<li>The number of IT return filings zoomed to 6.84 crore by the end of FY18. That\u2019s a 57% increase in the last two years (2.48 crore new filings)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What demonetisation did to tax collections Context Effect of Demonetisation Demonetisation\u2019s effect on tax collections Net collections have increased by 17.1% in the just concluded fiscal year, to Rs. 9.95 lakh crore. In FY15 and FY16, India\u2019s direct tax kitty witnessed growth of just 8.9% and 6.9%. But seen from a historical perspective, a 14%&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/what-demonetisation-did-to-tax-collections\/\">Continue reading <span class=\"screen-reader-text\">What demonetisation did to tax collections<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-29955","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704780375},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/29955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=29955"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/29955\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=29955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=29955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=29955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}