Demonetisation: FM Jaitley dismisses slowdown concerns, says higher tax mop up indicates uptick in economic activity

    Posted On : Tuesday, January 10, 2017
    Demonetisation: FM Jaitley dismisses slowdown concerns, says higher tax mop up indicates uptick in economic activity

    New Delhi: Dismissing worries of log jam because of demonetisation, Finance Minister Arun Jaitley on Monday said that the circuitous and direct expense accumulations amongst April and December this year expanded by 25 percent and 12.01 percent individually contrasted with a similar period a year ago.

    FM additionally said that the demonetised notes had no part to play in the duty accumulations for December as individuals were permitted to pay charges in the spiked money just in November.

    Last November, Prime Minister Narendra Modi had rejected 500-and 1,000-rupee certified receipts as a component of a crackdown on duty

    "The figures for direct duty accumulations up to December, 2016 demonstrate that net accumulations were at Rs. 5.53 lakh crore which is 12.01 percent more than the net accumulations for the relating time frame a year ago. The figures for circuitous expense accumulations (focal extract, benefit assessment and traditions) up to December 2016 demonstrate that net income accumulations were at Rs 6.30 lakh crore, which is 25 percent more than the net accumulations for the relating time frame a year ago," Jaitley said.

     

    Key highlights of Jaitley's announcement:

    Focal Excise expanded 31.6% in December 2016 when contrasted with December 2015.

    In December 2016 contrasted with last December, the traditions has really declined, it is - 6.3%.

    Contrasted with November 2016, the development of Indirect expense in December 2016 is 12.8%.

    Coordinate charges for the initial 3 quarters has climbed, roundabout duties essentially climbed.

    For most States VAT accumulations have expanded.