Nullifying non-deposited currency was not the only aim: Jaitley on demonetisation
New Delhi, Aug 30 : A day after the RBI revealed that 99.3 per cent of the demonetised currency was returned to the banks, Finance Minister Arun Jaitley on Thursday said the invalidation of the non-deposited currency was not the only objective of the noteban.
Jaitley said the larger purpose of the demonetisation was to remove the anonymity of the owner of cash and to move India from a tax non-compliant society to a compliant society.
"Was the invalidation of the non-deposited currency the only object of demonetisation? Certainly not. The larger purpose of demonetisation was to move India from a tax non-compliant society to a compliant society. This necessarily involved the formalisation of the economy and a blow to the black money," he said in a Facebook post.
The Minister said the objectives of demonetisation have been achieved and explained when cash is deposited in the banks, the anonymity about the owner of the cash disappears.
"The deposited cash is now identified with its owner giving rise to an inquiry, whether the amount deposited is in consonance with the depositor's income. Accordingly, post demonetisation about 1.8 million depositors have been identified for this enquiry.
Many of them are being fastened with tax and penalties. Mere deposit of cash in a bank does not lead to a presumption that it is tax paid money," he said.
In March 2014, the number of income tax returns filed was 3.8 crore. In 2017-18, this figure grew to 6.86 crore. In the last two years, when the impact of demonetisation and other steps is analysed, the income tax returns have increased by 19 per cent and 25 per cent.
"This is a phenomenal increase," he said, adding the number of new returns filed post demonetisation increased in the past two years by 85.51 lakhs and 1.07 crore, respectively.
Jaitley also shared data related to jump in advance tax. For 2018-19, advance tax in the first quarter increased for personal income tax assesses by 44.1 per cent and in the corporate tax category by 17.4 per cent, he said.
Further, he said the income tax collections increased from Rs 6.38 lakh crore in 2013-14 to Rs 10.02 lakh crore in 2017-18.
"The growth of income tax collections in the pre-demonetisation two years was 6.6 per cent and 9 per cent. Post-demonetisation, the collections increased by 15 per cent and 18 per cent in the next two years. The same trend is visible in the third year," he said.
On Goods and Services Tax (GST), which was implemented post demonetisation on July 1, 2017, the Minister said there has been a rise of 72.5 per cent in the number of registered assesses from 66.17 lakh originally to 114.17 lakh today.
"This is the positive impact of the demonetisation. More formalisation of the economy, More money in the system, higher tax revenue, higher expenditure, higher growth after the first two quarters," he said.
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Fifties by Kohli, Bethel, Shepherd power RCB to 213/5 against CSK
Bengaluru (PTI): Virat Kohli and Jacob Bethel did the early running with well-crafted fifties, while Romario Shepherd applied the finishing touches with a brutal 14-ball unbeaten half-century as Royal Challengers Bengaluru raced to a massive 213 for five against Chennai Super Kings in an IPL match here on Saturday.
The Super Kings skipper MS Dhoni decided to bowl first after winning the toss, but the decision played handsomely into RCB’s hands as Kohli and Bethel merrily chugged along to make 97 runs in just 9.5 overs for the opening wicket.
Kohli (62 off 33 balls) and Bethel (55 off 33) exploited a fuss-free pitch to telling effect, and their job was made much easier by the wrong lines of CSK bowlers, which was evidenced when Shepherd (53 not out off 14 balls; 4x4, 6X6) made the joint second fastest fifty in the IPL.
The fastest fifty of the IPL was struck off just 13 balls by Yashasvi Jaiswal in 2023, while both KL Rahul (in 2018) and Pat Cummins (2022) had also earlier made half centuries off 14 balls.
Khaleel Ahmed, who has the highest number of dot balls in this IPL at 110, tried to test Kohli with snorter but it was pulled thunderously over fine leg for a six.
In the very next ball, the left-arm pacer went for a fuller length delivery but it was on Kohli’s pads as the batter sent the ball soaring over square leg for a maximum, and all he needed was a simple unlocking of his wrist.
Bethel was more brutal. The England left-hander smashed Ahmed for three successive fours in the first over itself, all rasping cuts and forceful drives, as RCB raced out of the traps.
The 21-year-old had a slice of fortune too as Ravindra Jadeja and Matheesha Pathirana collided with each other to spill a catch off pacer Anshul Kamboj.
Bethel was on 27 then, and he soon brought up his maiden IPL fifty with a reverse scoop off Jadeja.
Kohli too reached his fifty soon after with a routine slap through the cover region for a four off Jadeja.
Just as the alliance was blossoming further, Bethel skied Pathirana for Dewald Brevis to complete a fine catch running in from the boundary line.
It gave some respite to the CSK bowlers, who found a way to stem the free flow of runs using cutters and into-the-deck deliveries, particularly Sam Curran (1/34) and Pathirana (3/36).
Curran consumed Kohli with a slow delivery which did not allow the batter to execute a ramp over Ahmed at gully.
But Kohli and Bethel had given RCB a superb platform as the home side were placed at 121 for 2 in the 12th over.
However, the improved lengths of CSK bowlers and a tinge of slowness in the track made RCB settle for 37 runs between overs 12 and 18 as batters like Devdutt Padikkal and skipper Rajat Patidar failed to force the pace.
But Shepherd waded into Ahmed (65 runs in 3 overs), slamming him for four sixes and two fours in the 19th over which yielded 33 runs.
Shepherd and Tim David raised their fifty stand for the sixth wicket in just 14 balls and the latter contributed a princely two runs in that alliance.
