Demonetisation has ensured more revenue and better quality of life : Arun Jaitley

"As we complete 2 years of demonetisation today, it has been established that demonetisation, a key step in a chain of important decisions taken by the Government, had a huge impact in formalising the economy," he said in a series of tweets.

"It is the formalisation of the economy which has led to 13 crore entrepreneurs getting Mudra Loans. More formalisation, more revenue, more resources for the poor, better Infrastructure, and a better quality of life for our citizens," he said in another tweet. .

"Government has used these resources for better infrastructure creation, social sector and Rural India. How else could we visualise villages being connected by Road, electricity in every home, 92 per cent  coverage for rural sanitation, a successful Awas Yojana, a cooking gas connection," Jaitley's another tweet said.

  The Finance Minister claimed that despite an annual income tax relief of Rs. 97,000 Crore given to the smaller tax payers and a Rs. 80,000 Crore relief given to the GST assesses, tax collections have gone up. "Rates of taxes, both direct and indirect have been reduced, but tax collections have gone up," he said.

  "Demonetisation & implementation of the GST curbed cash transactions in a big way. With a visible increase in the digital transactions, formalisation of the economy has led to increase in the tax payer base from 6.4 million in the pre-GST regime to 12 million."

  "The impact of demonetisation has been felt on collection of personal income tax. Its collections were higher in Financial Year 2018-19 (till 31-10-2018) compared to the previous year by 20.2 per cent.  Even in the corporate tax the collections are 19.5 per cent  higher," Jaitley said in another tweet.

  He said the  Government first targeted the black money outside India. "Asset holders were asked to bring it back on payment of penal tax, on failure to do so they are being prosecuted under the Black Money Act. All such details received have resulted in action against the violators."

Touching on the BJP-led Government's performance Iin income tax collection, Jaitley said in May, 2014, when it came to power,  the total number of the filers of income tax returns was 3.8 crore while it increased to 6.86 crore in the first four years.

The BJP meanwhile attacked the Congress over their criticism of demonetisation.

"Can the Congress name even one stringent measure they took during the UPA regime, which was aimed at eliminating corruption and black money?" tweeted the ruling party.