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  3. MPC member Ashima Goyal attributes rise in tax collections to demonetisation

MPC member Ashima Goyal attributes rise in tax collections to demonetisation

25 Oct 2022 Evaluate

Attributing the rise in tax collections to demonetisation, the Reserve Bank of India (RBI) Monetary Policy Committee (MPC) member Ashima Goyal has said that it will help the nation move towards the ideal situation where low taxes are levied on a large base. Noting that demonetisation had short-term costs but some long-term benefits, she said it enhanced digitisation and formalization in the economy and reduced tax evasion, although all this has further to go. The tax department on October 9 said that the gross collection of tax on corporate and individual earnings jumped nearly 24 per cent so far in the current fiscal year to Rs 8.98 lakh crore.

Regarding Central Bank Digital Currency (CBDC), Goyal said the objectives of the CBDC are to reduce the use of cash, and provide additional functions to the existing payment system rather than replace it. She noted that CBDC can certainly meet new needs in the digital age, reach remote areas and enhance financial inclusion, and save costs since cash is expensive and cumbersome. CBDC is a digital form of currency notes issued by a central bank. While most central banks across the globe are exploring the issuance of CBDC, the key motivations for its issuance are specific to each country's unique requirements.

On India's widening trade deficit, she said multiple policy levers are available to reduce the deficit, among shorter-term measures are exchange rate depreciation and reducing aggregate demand. According to her, more emphasis should be on longer-term sustainability-aiding measures such as reducing oil intensity as well as dependence on energy imports and encouraging exports. She suggested that the best export incentives are increasing the competitiveness of the Indian industry by lowering the costs and difficulties of doing business. India's trade deficit widened to $26.72 billion in September, while exports contracted by 3.52 per cent to $32.62 billion.

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