<div class="msg">''<div dir="ltr">''<div>Finance Minister Arun Jaitley today said, the impact of demonetisation and GST implementation has resulted into higher formalisation of economy. In a tweet, Mr Jaitley said, this fact is further substantiated by filing of more than one crore IT returns by tax payers during the financial year 2017-18 in comparison to 2016-17. He said, direct tax collections for financial year 2017-18 has been 18 per cent higher than the previous financial year.&nbsp;</div>''<div></div>''<div>The Minister said, the data reveals the efficiency of tax department and rise in number of honest tax payers. He also said, this historical revenue receipt is a factual testimony of accountable governance under Prime Minister Narendra Modi's leadership.</div></div></div>