Increase in number of Income Tax payers after demonetisation: Ministry of Finance

Minister of State for Finance Santosh Kumar Finance in a written reply to a question in Rajya Sabha on 1 August said that the number of income tax payers has increased after demonetization.

"During the period of 9 November 2016 to 31 March 2017, 1.96 crore returns were filed as compared to 1.63 crore returns filed during corresponding period of Financial Year (FY) 2015-16 and 1.23 crore returns filed during corresponding period of FY 2014-15," Kumar said.

He further stated that demonetisation seeks to create a new 'normal' where in the Gross Domestic Product would be bigger, cleaner and real.

"This exercise is a part of Government's resolve to eliminate corruption, black money, counterfeit currency and terror funding," Kumar said.

On 8 November 2016, the Indian Government announced demonetisation in the nation, to curb terrorism and increase the growth of economy.

-ANI