Note ban expanded tax base, led to digitisation, says Arun Jaitley

Jaitley said formalisation of the economy because of demonetisation and the GST had yielded growth in indirect tax collection

Personal income tax (I-T) collection rose 20.2 per cent and corporation tax 19.5 per cent in the first seven months of the current financial year (2018-19 or FY19), over the corresponding period of the previous year (2017-18 or FY18), said Finance Minister (FM) Arun Jaitley on Thursday. For this, he credited the government decision to demonetise high-value currency notes on November 8, 2016. 

In the Budget for FY19, the government targeted 19.88 per cent growth for personal I-T and 10.15 per cent growth for corporation tax. 

Quoting a plethora of statistics, Jaitley said on his Facebook page in the two years before