IT Returns Filing Increased Substantially After Demonetisation - Chart Of The Day 23 January 2019 - Equitymaster

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IT Returns Filing Increased Substantially After Demonetisation
Jan 23, 2019

Nobody likes it.

But taxes are an integral part of nation-building.

For any nation's progress, taxation plays a vital role.

If any country is to accelerate its growth rate, tax collection must go up.

This is measured by a very simple number: the tax-to-GDP ratio.

For many years, India's tax-to-GDP ratio remained way below global standards.

In 2016, India's tax-to-GDP ratio was 16.6%.

This was much lower than the average for emerging market economies of 21% and well below the average for developed nations of 34%.

Since then, things have changed for the better. Demonetisation and GST have completely turned things around.

The argument about whether demonetisation was good or bad for the economy refuses to die down.

But there's one thing I know for sure. More people are paying taxes than ever before.

In FY17, due to demonetisation, about 9.1 million new taxpayers were added to the official numbers. The government's revenue increased by 14.6%.

In FY18, the tax collection increased by 17%.

Data Source: CBDT

This Chart Of The Day was published in The 5 Minute WrapUp - 2 Reasons Why Rebirth of India Will Drive the Sensex to 100,000

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