Union Finance Minister Arun Jaitley on Thursday said that the impact of demonetisation is clearly visible with tax collection figures seeing double-digit growth.
"Those reports and figures (saying tax collection would go down) were all panic numbers, the numbers I'm giving you are real. Even economic affairs secretary kept saying there was no need to panic," Jaitley said.
"The impact of demonetisation on tax revenue and collection is already visible. There has been a 26.2 percent increase in central indirect tax collection till November 30," he said at a press conference here, adding till 19 December, direct tax collection increase has been to the extent of 14.4 percent against a growth rate of only 8.3 percent previous year.
"In the central indirect taxes there is an increase of 26.2 percent till 30 November. Excise duty is up by 43.5 percent, service tax by 25.7 percent and custom duties up by 5.6 percent," Jaitley said.
"In November, it was being suggested that the demonetisation impact would be more in December, but even indirect tax collection rose," the minister said.