<div align="justify">Successful demonetisation will help in raising revenues on a sustained basis as more and more people will come under the tax net, says a World Bank report.<br /><br />In 2016-17, India generated additional tax revenues as unreported cash identified both through the amnesty scheme and demonetisation were brought under the tax net.<br /><br />Gross tax revenue, including states’ share, surpassed Budgeted target (of 10.8%) at 11.3%, which was mostly due to higher-than-expected excise collections on petroleum products.<br /><br />“Revenues may increase permanently if demonetisation is successful in raising the amount of income reported to tax authorities,” World Bank said in a chapter titled ‘India’s Great Currency Exchange’ in its latest ‘India Development Update’.</div>
<div align="justify">Successful demonetisation will help in raising revenues on a sustained basis as more and more people will come under the tax net, says a World Bank report.<br /><br />In 2016-17, India generated additional tax revenues as unreported cash identified both through the amnesty scheme and demonetisation were brought under the tax net.<br /><br />Gross tax revenue, including states’ share, surpassed Budgeted target (of 10.8%) at 11.3%, which was mostly due to higher-than-expected excise collections on petroleum products.<br /><br />“Revenues may increase permanently if demonetisation is successful in raising the amount of income reported to tax authorities,” World Bank said in a chapter titled ‘India’s Great Currency Exchange’ in its latest ‘India Development Update’.</div>