Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: TDS :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: cpt
 
 
« GST - Goods and Services Tax »
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117 of the Central Goods and Services Tax Rules, 2017
 Simplified E-Way Bill Under GST
 Government sets terms for biz deregistering brands for lower GST
 20 Things You must know about E Way Bills in GST Law
 Nothing alarming about massive transitional GST credit claim, says finance ministry
 GST refund: ‘Mini-social crisis’ brewing
 Govt eyes infra spending cuts as glitches in GST hit revenue
 It’s possible to seriously simplify GST
 GST has safeguards to check tax evasion
 Tax officials may go for searches, surveys to widen base under GST
 GST revision only once in 3 months among key recommendations to GST Council

GST will impact direct taxes too
August, 31st 2017

Hours after the RBI announced the details of cash that returned to the government post the demonetisation, Union Finance Minister Arun Jaitley on Wednesday said that the objective of the move was to integrate the formal and informal economies in the country.

Union Finance Minister Arun Jaitley Addressing the media, Jaitley said, "Object of demonetisation was not confiscation of money...Integration of the formal and informal economies was among the principal objectives of demonetisation.

" He said that after demonetisation the direct tax base expanded, adding, "The volume of cash currency has come down by 17% while the Income tax returns have increased by 25% post demonetisation.

" Asserting that one of the objectives of the demonetisation was to push digitisation, the Finance Minister said that those dealing in cash were compelled to deposit in banks which would translate into the money having "an identity".

Jaitley also said the government's next step is going to be to put an end to black money used in elections.

The Reserve Bank of India earlier said that out of the 6.7 billion pieces of the Rs 1,000 notes, 89 million pieces never came back.

The data suggests at the end of March 2017, there were Rs 8,925 crore worth of Rs 1,000 notes still in 'circulation'. [89 million out of 67 billion Rs 1,000 demonetised notes didn't come back to system: RBI]

According to the RBI, "notes in circulation" are all notes held outside Reserve Bank - that is by the public, banks treasuries and so on. Thus, this figure represents the total of all Rs 1,000 notes that were not deposited with the banks after note-bandi starting November 8 last year.

The RBI further said that the estimated value of Specified Bank Notes (SBNs) received as on June 30, 2017 is Rs. 15.28 trillion. The central bank said that the value of notes in circulation was down 20.2 percent YoY to Rs 13.1 lakh crore till March-end from a year ago. On the other hand, volume of notes in circulation has increased by 11.1 percent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions