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Arun Jaitley clears his stand as country completed two years of demonetisation

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Demonetisation, Note Ban, Two years of demonetisation, The 2nd anniversary of demonetisation, Arun Jaitley, Finance Minister, Business news

New Delhi: As the country completed two years of demonetisation, Finance Minister Arun Jaitley on Thursday said the objective was not to get the cash deposited in banks but to move towards a more formal economy that he claimed is giving rich dividends.

“An ill-informed criticism of the demonetisation is that almost the entire cash money got deposited in the banks. Confiscation of currency was not an objective of demonetisation. Getting it into the formal economy and making the holders pay tax was the broader objective,” Jaitley said in a Facebook blog.

 

Demonetisation, Note Ban, Two years of demonetisation, The 2nd anniversary of demonetisation, Arun Jaitley, Finance Minister, Business news

 

“The system required to be shaken in order to make India move from cash to digital transactions. This would obviously have an impact on higher tax revenue and a higher tax base,” he added.

Demonetisation was a key step in a chain of important decisions taken by the government to formalise the economy, he said.

Other major decisions include targeting the black money outside India, application of technology in filing of returns and expanding the tax base, financial inclusion to integrate weaker sections with the formal economy, Jan Dhan accounts, Aadhaar law, Direct Benefit Transfer and the Goods and Services Tax (GST).

“It is now becoming increasingly difficult to evade the tax system,” he said.

 

Demonetisation, Note Ban, Two years of demonetisation, The 2nd anniversary of demonetisation, Arun Jaitley, Finance Minister, Business news

 

The Minister said direct tax collections in the two years prior to demonetisation had risen by 6.6 per cent and 9 per cent, which in the two years post-demonetisation rose by 14.6 per cent and 18 per cent with increases registered both in personal income tax and corporate tax.

Similarly, in the year 2017-18, the tax returns filed reached 6.86 crore, an increase of 25 per cent over the previous year. This year, as on October 31, already 5.99 crore returns have been filed which was an increase of 54.33 per cent compared to the previous year.

 

As India completed two years of demonetisation, Arun Jaitley clears his side on note ban:

 

“In May 2014, when the present government was elected, the total number of the filers of income tax returns was 3.8 crore… By the time the first five years of this government are over, we will be close to doubling the assessee base,” he said.

Demonetisation and implementation of the GST curbed cash transactions and boosted digital transactions, the Minister said.

 

Demonetisation, Note Ban, Two years of demonetisation, The 2nd anniversary of demonetisation, Arun Jaitley, Finance Minister, Business news

 

“This formalisation of the economy has led to the tax payer base increase from 6.4 million in the pre-GST regime to 12 million tax payers in the post-GST regime.”

The actual consumption of goods and services being recorded in tax net had now increased, giving a buoyancy to the indirect tax growth, benefiting both the Centre and the states.

In 2014-15, the indirect tax to GDP ratio was 4.4 per cent. Post-GST it has climbed to 5.4 per cent.

“Rates of taxes, both direct and indirect, have been reduced, but tax collections have gone up. The tax base has been expanded. GST rates on 334 commodities which were paying an effective 31 per cent tax pre-GST have witnessed a tax reduction,” he said.

Further, Jaitley said measures taken for digitisation including the Unified Payment Interface (UPI) and the Bharat Interface for Money (BHIM) have resulted in increased transactions.

 

Demonetisation, Note Ban, Two years of demonetisation, The 2nd anniversary of demonetisation, Arun Jaitley, Finance Minister, Business news

 

“Today Visa and Mastercard are losing market share in India to indigenously developed payment system of UPI and RUPAY Card whose share have reached 65 per cent of the payments done through debit and credit cards,” he said.

The Minister said more formalisation of the economy will lead to more revenue and more resources for the poor, better infrastructure and a better quality of life for the citizens.

 

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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