Demonetization Update – Cash withdrawal limit at ATMs increased to Rs10,000 per day

The Reserve Bank of India (RBI) has eased the caps on withdrawals from automated teller machines (ATM) with immediate effect. Now, customers will be allowed to withdraw up to Rs10,000 per day per card compared to the earlier Rs4,500. These enhanced cash withdrawal limits will be within the weekly cap of Rs24,000, the central bank … Continue reading Demonetization Update – Cash withdrawal limit at ATMs increased to Rs10,000 per day

Govt issues tamper proof PAN card with effect from 01st Jan, 2017

NSDL e-Governance Infrastructure LimitedPAN ServicesCircular Circular No.: NSDL/TIN/12017/001 January 10, 2017 Subject: New design of PAN card All TEN-FCs & PAN Centres are hereby informed that the Income Tax Department (ETD) has prescribed certain changes in the existing design of the PAN Card. Accordingly, with effect from January 1, 2017, PAN cards are being printed … Continue reading Govt issues tamper proof PAN card with effect from 01st Jan, 2017

Demonetization Update – Cash Deposits from April 1 to November 9 also under scrutiny

The above is the latest update in the course of demonetization. Banks and post offices have been mandated to report cash deposits for the period April 1 to November 9 as well. Previously, only deposits during the period 9 November – 30th November (i.e. post demonetization announcement)  had to be mandatorily reported. As per the … Continue reading Demonetization Update – Cash Deposits from April 1 to November 9 also under scrutiny

From April 1-September 16, GST can be rolled out anytime

Amid signs of slippage of the April 1 GST rollout target, Finance Minister Arun Jaitley today said pending resolution of “turf” issues, GST is a transactional levy that unlike income tax can be implemented anytime during the year. The Goods and Services Tax (GST), he said, can be implemented anytime between April 1 and September … Continue reading From April 1-September 16, GST can be rolled out anytime

Compliance of Non-filers Monitoring System (NMS) – What to do

“Dear Taxpayer,  As per our records, it is observed that you have not filed your Income Tax Return for Assessment Year 2015-16. Please submit your online response as under:” Have you received this email too? Are you confused what to do? Then read on to know more. Recently department has started floating these Non-compliance email … Continue reading Compliance of Non-filers Monitoring System (NMS) – What to do

GST may not be implemented from April 1,2017

India’s plans to roll out a countrywide Goods and Services Tax (GST) from April 1, 2017 appear increasingly unlikely with the Centre and states failing on Sunday to conclude discussions on several key aspects including the main enabling legislations. The Finance Minister Arun Jaitley-headed GST Council discussed the drafts of two principal supplementary legislations — … Continue reading GST may not be implemented from April 1,2017

Special Parliament session for for GST related bills may be called by Parliament

Govt offices and backlogs go hand in hand. The most adverse impact of the backlog probably is the stalling of the GST legislation.Additionally, demonetization has taken up most of the winter session’s time productively and non-productively.  In order to solve this lockdown, the government is now mulling to call a special short session of Parliament to … Continue reading Special Parliament session for for GST related bills may be called by Parliament

Companies to pass the benefit of tax reduction to customers and more updates – GST bill redrafted

In a flurry of GST related announcements, there came some reliefs for the stock markets. The definition of “goods” under the Goods & Services Tax Law has been redrafted to exclude “securities”. The revised drafts of the Model GST Law, Integrated GST Law and GST Compensation Law were released on Saturday. The Bills are now … Continue reading Companies to pass the benefit of tax reduction to customers and more updates – GST bill redrafted

GST Update: Release of Draft Model GST Law, IGST Law & Compensation Law

Press Information BureauGovernment of IndiaMinistry of Finance26-November-2016 14:33 IST Draft Model GST Law, Draft IGST Law and Draft Compensation Law placed in the public domain for information of trade, industry and other stake holders. The Draft Model GST Law, Draft IGST Law and Draft Compensation Law which would be considered by the GST Council for … Continue reading GST Update: Release of Draft Model GST Law, IGST Law & Compensation Law

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