-Scroll.in Because the exercise was doomed to fail in its primary objective of rooting out black money, the government kept changing its aims. We have travelled a long way from November 8, 2016, when Prime Minister Narendra Modi told us that the black money held in Rs 500 and Rs 1,000 currency notes would become “worthless pieces of paper”. Now, we are told by the finance ministry that the government expected...
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Achchhe din's worst day
-The Telegraph The Central Statistics Office reported today that economic growth sank to a three-year low at 5.7 per cent, striking at the core of Prime Minister Narendra Modi's promise of achchhe din. The sharp slowdown is a result of the two biggest disruptive measures taken by the Modi government: demonetisation and the goods and services tax. The double whammy has badly crimped factory output and squeezed the services sector. The GDP growth...
More »Demonetisation: Figure may hit 100% if 'pipeline' collections taken into account, say officials -Ritu Sarin
-The Indian Express Demonetisation: The “pipeline” demonetised collections, according to these officials, include banned notes lying with citizens in Nepal as deliberations between the RBI and the Nepal Rashtra Bank (NRB) for the exchange of such notes did not fructify. New Delhi: On a day when the Reserve Bank of India (RBI) released the data for collected demonetised currency, top RBI officials told The Indian Express that the figure could creep closer...
More »Fact Check: Demonetisation's Effect on Increase in Direct Taxes and Income Tax Base -James Wilson
-TheWire.in Despite government press releases, as of August 2017, there doesn’t appear to have been a substantial increase in the number of new tax payers or direct Tax collection as a result of demonetisation. On the morning of August 8, most of our newspapers – both national as well as regional ones – ran headlines about the giant leap in the income tax returns received as well as the increase in advance...
More »GST nets a million more taxpayers, registrations cross the 10 lakh mark -Surojit Gupta
-The Times of India NEW DELHI: New registrations under the goods and services tax+ (GST) crossed the 10 lakh mark on Saturday, a milestone that brings cheer to policymakers who have been hoping for an increase in the tax base after the rollout of the new tax measure. "The figure of new registrations approved in GST crosses 10 lakhs today. About two lakh applications pending in process," revenue secretary Hasmukh Adhia tweeted...
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