A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks?
All the members of the Institute are advised to mobilize the system to help the dealers to migrate to new portal with all relevant business details. All Regional Councils/Chapters may also start helpdesk to support dealers and professionals in the process of smooth and effective transition towards GSTN.
Clarification on aspects related to day count convention for debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008
Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;
In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs 500 and 1000 denominations of Bank Notes of the existing series issued by RBI shall cease to be legal tender with effect from 9th November, 2016,
Ministry of Economic Affairs released a press release on 8th Nov 2016 in order to withdraw Legal Tender Character of Old High Denominated bank Notes (OHD) ie; Rs. 500 &Rs. 1,000
FM sais that there will be positive impact of recent decision of demonetising of higher value currency notes. He assured that people making small deposits for exchanging old currency notes will not be harassed.
It has been alleged that the bank authorities refused to accept payment stating that since IDS, 2016 has closed on 30.09.2016 the banks cannot accept the said challan beyond the said date.
As per Article 279A (4), GST Council will make recommendations to the Union and the States on important issues related to GST, like a) The goods and services that may be subjected or exempted from GST.
The new GST regime will open up an array of opportunities for businesses across India as well as those planning to enter the Indian market.
