Anti-black money measures brought undisclosed income of about Rs1.3 lakh cr to tax

The Minister said that there is 18% growth in direct tax collection in 2017-18 and increase in tax base by as many as 1.06cr people filing income tax returns for the first time in FY17-18 is mainly on account of demonetization.

Feb 01, 2019 11:02 IST India Infoline News Service

The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about Rs1.3 lakh cr to tax. These measures have also led to seizure and attachment of assets worth approximately Rs50,000cr, and compelled holders of large cash currency to disclose their source of earnings.

While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Piyush Goyal said, “Our Government is committed to eliminating the ills of black money from our country.”

During this period, Benami assets worth Rs6,900cr and foreign assets worth Rs1,600cr have been attached. As many as 3,38,000 shell companies have been detected and de-registered, and their directors disqualified.

The Minister said that there is 18% growth in direct tax collection in 2017-18 and increase in tax base by as many as 1.06cr people filing income tax returns for the first time in FY17-18 is mainly on account of demonetization.

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