TIL Desk/Business/Mumbai/ Finance Minister Arun Jaitley Thursday said demonetisation resulted in formalisation of economy and increased tax base, prompting the government to earmark more resources for the poor and infrastructure development.
In a Facebook post on the second anniversary of Demonetisation, Jaitley said in first four years of the National Democratic Alliance (NDA) government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
By the time the first five years of this government are over, we will be close to doubling the assessee base, he said in the post titled Impact Of Demonetisation”. The demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the minister said, had resulted in more formalisation (of economy), more revenue, more resources for the poor, better infrastructure, and a better quality of life for our citizens.
