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Tax Collection In States Rises Significantly Despite Demonetisation
Tax collection rises despite demonetisation. (NOAH SEELAM/AFP/GettyImages)
According to latest data shared with the central government, tax collection in the states has risen significantly despite demonetisation of high-value currency notes, Times of India reported on Monday. Out of 31 Indian states, West Bengal, Meghalaya and Arunachal Pradesh were the only three that reported a decline.
As many as 17 of the 31 states and Union Territories have shared the data. While Maharashtra topped larger states, a sharp increase in tax collection was also seen in Jammu and Kashmir. Some states, including Gujarat, Telangana and Delhi, have not shared the data.
Compared with November, VAT growth significantly slowed down in December. This may be attributed to the scarcity of cash in the initial days of the month.
The Centre has said that its revenue collection was not hit. Finance Minister Arun Jaitley said earlier that direct and indirect tax collections are expected to exceed government’s budget target.
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