Did the decision of demonetisation increase the tax collection? Monetary policy committee member told the truth

RBI MPC Member Ashima Goyal: Ashima Goyal, a member of the Reserve Bank of India’s Monetary Policy Committee (MPC) in the country, attributed the increase in tax collections to demonetisation. Have given. He has said that this will lead to the ideal situation of levying lower taxes on a broader basis in the country.

Promotion of Digital Payment
Prime minister Narendra Modi (Prime Minister Narendra Modi) on November 8, 2016, while announcing the demonetisation of the erstwhile Rs 500 and Rs 1,000 notes, said that this unprecedented move would help in curbing black money as well as promoting digital payments. will be promoted.

Reduction in incidents of tax evasion
Ashima Goyal, a member of the MPC, says that there has been some short-term cost of the drastic step of demonetisation. He said that it will also have some benefits in the long run. Benefits such as increase in the rate of digitization, formalization of the economy and reduction in the incidence of tax evasion are prominent. The tax department had said on October 9 that in the current financial year 2022-23, the total collection of tax on companies and personal income has increased by about 24 percent to Rs 8.98 lakh crore.

1.40 lakh crore GST collection
Let us tell you that the collection of Goods and Services Tax (GST) has been more than Rs 1.40 lakh crore for the 7th consecutive month. In the month of September, the GST collection has reached Rs 1.47 lakh crore, an increase of 26 percent as compared to a year ago. Goyal said that this will serve the purpose of reducing the use of cash and providing additional support to the existing payment system. Ashima Goyal said that CBDC will definitely meet the new requirements in the digital age. This Mudra will accelerate financial inclusion and reduce the costs associated with making it easier to reach remote areas. The Reserve Bank said that it is preparing to introduce its digital currency on a pilot level.

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