80% increase in new taxpayers in 2016-2017 due to note ban
India added 9.1 million new taxpayers during financial year 2016-2017 due to demonetisation of high-valued notes, witnessing an increase of 80% in the annual average. Notably, India had 55.9 million individual taxpayers at the end of 2015-2016 fiscal year. Reportedly, India adds around six million taxpayers and around one million stop paying taxes due to death and retirement every year.