The current Finance Minister Arun Jaitley had finally released the complete tax information after a massive impact of demonetization. The Finance Minister has made an official announcement that the tax data released recently is totally real and not an assessment. During the period of April to December, a huge boost in the collection of direct and indirect taxes has witnessed by the Government. There is a massive increase in the economic activity along with the field of manufacture.
There is about 12.01 percent of an increase in the tax collection i.e., a total of Rs. 5.53 lakh crores in the period between April and December 2016. There is pretty much increase in the collection of tax compared to the previous year. On the other hand, the indirect tax receipts mounted 25 percent i.e., to Rs. 6.30 lakh crores. The Finance Minister now announced that all the reports released by Arun Jaitley are completely real. The tax collection data released by FM are not just a prediction.
finance minister releases tax data after demonetization
As per the latest reports, the Union Government have witnessed a great progress in the month of December. Arun Jaitley made this announcement regarding the tax collection data on 9th December 2016 i.e., on Monday. Most of the states have reported that there is a rise in the value-added tax collections in the month of November.
All the statistics and the taxation details released by the Finance Minister are completely real. Some of the states have increased the VAT collections. There is an increase of 12.01 percent in direct tax and 25 percent rise in indirect tax compared to the previous year. There was an increase of about 43 percent in the excise collection and 23.9 percent increase in the service tax and 4.1 percent rise in customs duty.