■ There has been a lot of talk about the increase in the income tax collected post demonetization. Is that true? And how does it look in comparison to the overall economy? As can be seen from chart 3, the individual income tax to gross domestic product (GDP) ratio has been rising. The interesting thing here is that the best increase in the individual income tax to GDP ratio was in the AY17 (FY16), in the fiscal before demonetization and also much before GST was implemented. The increase in the post-demonetization years has been nothing extraordinary in comparison to the increase in the pre-demonetization years. The individual income tax collected has moved up in a more or less usual trend. So, what impact did demonetization really have is a question well worth asking.