Black money was discovered as a result of demonetisation, and tax revenue increased: Govt!

Demonetisation resulted in the discovery of illegal money, an increase in tax collection, and the broadening of the tax base, said Union Minister of State for Finance Pankaj Chaudhary in a written reply to the Rajya Sabha on March 21, 2023. The RBI has issued several papers on relevant topics, according to the minister. In accordance with the report, the income-tax department performed search-and-seizure operations in 900 groups, resulting in the seizure of Rs 900 crore, including Rs 636 crore in cash, and the admission of about Rs 7,961 crore in unreported revenue. It further said that monies were transferred into legitimate channels as a result of considerable improvements in tax compliance.

According to official figures, due to demonetization, net direct tax receipts increased by 18% in FY2018 over FY2017, the largest increase in the previous seven fiscal years.

Personal income tax advance tax collections climbed by 23.4% in FY18 and personal income tax self-assessment tax collections increased by 29.2% over FY17. The change also culminated in a 25% increase in the number of income tax returns (ITRs) filed with the I-T department in FY18, the highest rate in the previous five years.

“The number of new ITR filers was around 1 crore 7 lakh, compared to 85.51 lakh in FY17.” Formerly, the number of new filers ranged between 50 and 66 lakh,” the minister informed the Upper House.

In addition, the number of returns submitted by corporate taxpayers increased by 17.2% during FY18, which was more than five times the growth rate of 3% in FY17 and 3.5% in FY16, he noted.

SC declines to address specific complaints about the demonetisation

The Supreme Court denied petitioners with complaints concerning demonetisation redress. The Supreme Court, in its ruling of March 21, 2023, stated, “If the petitioners so wished, they would be at liberty to submit a submission to the Union of India to evaluate their individual concerns.” “The Constitutional Court upheld the statute.” Real suffering may be created, but that alone cannot justify this court’s intervention. These petitions will be investigated by the government,” it stated.

“If the central government determines that such a class of people exists and that there are compelling grounds to extend the benefit under Section 4 of the 2017 Act, it has the authority to do so.” A court requirement, in our opinion, cannot do this,” it added.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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