"12 November 2016" Archive

GST Implementation, GST Deadline & GST As Money Bill

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....

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MVAT Notification about accepting cash payment

Notification No. VAT. 1516/CR-153/Taxation-1 (12/11/2016)

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...

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RBI on Withdrawal of Legal Tender Character of ₹ 500 and ₹ 1,000

Press Release : 2016-2017/1189, 1190 (12/11/2016)

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...

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Banks received deposit of 2 lakh crores in last 3 days

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. ...

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Caution against receipt of counterfeits / fake currency notes

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...

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Probable Reasons as to why new Rs. 2,000 notes are being issued

Probable Reasons as to why the new Rs. 2,000 notes are being issued and actions already being taken before demonetization:...

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Conversion of a Firm to a Private Limited Company

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 :...

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Demonetisations of Rs. 500 & 100 Notes– Consequence & Duties

Articles discusses recent Demonetisations of the Higher Denomination Notes (Rs. 500 and Rs. 1000) by Government of India – synopsis, consequence and duties...

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All about replacement of old notes & Income Tax Provisions

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....

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Opportunities for Company Secretaries under Goods & Services 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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