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Maharashtra Chief Minister Devendra Fadnavis today hailed the demonetisation move and said VAT collections in the state had increased by 19 per cent post-noteban. Addressing a press conference in Nagpur on the occasion of the first anniversary of demonetisation, Fadnavis listed out the advantages of the measure announced by the Modi government on November 8, 2016. "A total of 53,000 new VAT registrations were done in Maharashtrabetween November 16 and May 2017 when GST was not implemented.
This was a huge transition from informal to formal economy, which had never happened before. The VAT collection till October 2016 was Rs 53,222 crore, which was 3.5 per cent less than the target (till that period) he said. "Post demonetisation, the VAT collection rose by 19.5 per cent to Rs 90,525 crore (till March 2017). This was an unprecedented increase in VAT collection in Maharashtra," said Fadnavis. Responding to former Prime Minister Manmohan Singh's criticism of demonetisation, Fadnavis said under him the Indian economy had earned a "bad" reputation though he is a noted economist. On the other hand, Prime Minister Narendra Modi is aware of the ground realities and under him India emerged as one of the fastest-growing major economies, he said. Speaking in Thane, Fadnavis said demonetisation was a "total success" and industries flourished due to the measure. He said a lot of employment opportunities had been generated in the country due to demonetisation and push towards digital economy. Fadnavis rejected suggestions that noteban had adversely affected the country's economy. Those who criticise demonetisation should look at rising investment in industries and creation of jobs, he said.
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