After Demonetisation, there has been a significant spike in the number of Tax Returns filed.
Demonetisation has helped reduce black money, increase tax compliance and formalise and give a boost to transparency.
Demonetisation has formalised the Economy with a dedicated web portal ‘Operation Clean Money’.
Demonetisation has played a major role in unearthing undisclosed income.
Demonetisation has succeeded in reducing incremental growth in currency in circulation, thus pushing India to be a cashless economy.
Demonetisation has supported a cashless economy which has resulted in the exponential rise of digital transactions in the country.
There has been a stupendous surge in the growth rate of direct tax collections!
India noticed a surge in the net direct tax collections with a 63% increase as compared to a 41% increase in the absence of demonetisation in three years.
India’s tax to GDP ratio has drastically improved after #Demonetisation.
From unprecedented push to digital payments to better tax compliance, India is seeing multi-dimensional benefits post Demonetisation.