GST implementation in India has a new deadline of 16th September, 2017. This has been aired by FM that anyhow GST will be implemented in India not later than the said date.
Maharashtra Value added tax dealers may also pay the amount under clause (a), during the period the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees
The withdrawal of the legal tender character of the then existing bank notes in ₹ 500 and ₹ 1,000 cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in as smooth a manner
Old notes of.Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks. There is sufficient cash available with RBI and Banks.
One of the primary objectives of cancellation of legal tender character of old series of Rs.500/- and Rs.1000/- notes was to check the menace of terror financing through counterfeit currency notes
Probable Reasons as to why the new Rs. 2,000 notes are being issued and actions already being taken before demonetization:
Initial conditions to be satisfied : 1. Minimum having seven partners, 2. Minimum share capital for private limited is Rs. 1,00,000, 3. No. Of directors shall be 2 or more., 4. Provision contained under section 47(xiii) needs to be adhered and the same is reproduced as below :
Articles discusses recent Demonetisations of the Higher Denomination Notes (Rs. 500 and Rs. 1000) by Government of India – synopsis, consequence and duties
Guidelines for replacement of existing Rs 500 and Rs 1000 notes with new notes and to understand the procedure of scheme and relevant provisions of Income Tax.
Over 150 countries have already implemented the GST. Most of the countries have a unified GST System. Brazil and Canada follow a dual system where GST is levied by both the Union and State Governments. France was the first country to introduce GST System in 1954.
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