Anecdotal versus real

The demonetisation impact has started showing up

Finance Minister Arun Jaitley has dismissed reports of economic slowdown triggered by the government’s demonetisation decision on November 8. To buttress his argument, Mr Jaitley has quoted the latest tax collection data: In the first three quarters of the current financial year, direct tax collection is up by 12 per cent and indirect tax collection is up by 25 per cent. It has also been pointed out that the excise duty, which is levied on goods at the factory gate, has grown by 31 per cent in December. And staying with December-specific data, collections from direct and indirect taxes are