TMI BlogDemonetisation will widen tax base: FinMin to Par panelX X X X Extracts X X X X X X X X Extracts X X X X ..... Demonetisation will widen tax base: FinMin to Par panel - News and Press Release Dated:- 23-1-2017 - News - New Delhi, Jan 22 (PTI) Demonetisation will lead to a wider tax base and lower interest rates, thus paving the way for sustainable faster economic growth , the Finance Ministry has said. In a written response to the Parliament's Public Accounts Committee (PAC), the Revenue Depart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment said that due to withdrawal of old high-value notes, the idle/hidden cash has come into the formal system which will be utilised for productive purposes. Targeted verification of suspect substantial deposits is likely to widen and deepen the tax base, it said. It is easier to track the cash which has returned to banking channels, thus making tax evasion more difficult , it added. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, increased availability of funds with banks and lowering of interest rates are expected to enhance credit disbursal, promoting investments in productive economic activities and giving boost to growth. The Revenue Department's response was on the impact of demonetisation on economic growth, sources said. Regarding other implications, it said that increasing use of non-cash modes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of transactions will promote transparency and have a lasting positive impact on tax collections, both direct and indirect. Along with other measures for increasing transparency and strengthening enforcement, the demonetisation will pave the way for sustainable faster economic growth, it said. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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