At this exact time, exactly a year ago, the Prime Minister stunned the nation with his announcement that all 1,000 and 500-rupee notes were being demonetised or banned as legal currency. And that it was being done so by midnight. Soon, there was panic as people rushed to banks to deposit their notes. Just like that, in one sweep, 96 per cent of India's currency was wiped out, a move described by some as bold, risky and courageous and by others as an overwhelming disaster which led to the deaths of 150 people, destroyed lives, jobs and businesses. When the PM announced the notes ban, he stated three objectives: bringing back black money, countering terrorism and fake currency. That goalpost soon shifted to a cashless society. Today, a year later, the success or failure of demonetisation is being measured by several yardsticks - did the black money come back? Did terrorism in Kashmir really go down? How much fake currency was actually seized? How many people have shifted to digital transactions? And are there really more people being forced to pay taxes? We examine those questions in detail.
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India does not take any decision under pressure from any country, Confederation of Indian Industry (CII) National President Rajiv Memani has said, asserting that New Delhi's interest will always be a priority as it nears a trade deal with Washington.
Cigarettes, carbonated drinks, and high-end cars are among items that may become more expensive if a proposal to replace the expiring compensation cess - in the Goods and Services Tax system - with cesses on health and clean energy.
After a series of income tax concessions earlier this year, the Centre is now preparing to extend relief to middle and lower-income households in the form of a reduction in Goods and Services Tax (GST), sources have said.
In what could be one of the biggest GST frauds uncovered in central India, the Economic Offences Wing (EOW) has unearthed a fake invoicing scam worth Rs 512 crore and fraudulent Input Tax Credit (ITC) claims of Rs 130 crore.
Gross GST collections doubled in five years to reach an all-time high of Rs 22.08 lakh crore in the 2024-25 fiscal year, from Rs 11.37 lakh crore in FY21, government data showed on Monday.
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