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NEW DELHI With the united opposi tion attacking the ruling dispensa tion in Parliament over the demo netisation issue, the government is unlikely to bring three bills related to GST in the coming days and hopeful of pushing them n latter half of the Winter session which began on Wednesday. The government is keen to push the passage of three legislations related to the main GST bill in the ongoing Winter session, as Parliamentary nod for these bills is must for rolling out GST from the target date of April 1, 2017. The three bills related to GST are--the Central Goods and Services Tax Bill, the Integrated Goods and Services Tax Bill, the Goods and Services Tax (Compensation for Loss of Revenue) Bill.  17TH NOVEMBER, 2016, THE ECONOMIC TIMES, NEW DELHI

NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh. This clarifies the misconception that one can deposit cash in multiple batches of less than Rs 50,000 each and escape mentioning the PAN. The CBDT has also made changes in the (AIR) Annual Information Return rules. Till now, banks and post office branches were supposed to report to the tax department if an individual made cash deposits of Rs 10 lakh in a year. During the period 9 November to 30 December, this limit has been lowered to Rs 2.5 lakh. If the cash deposits exceed this limit, the bank or post office will automatically r...

Banks ran out of currency in the Capital and elsewhere, although some cities reported that queues had shortened. MUMBAI: The money flooding into banks as people rush to deposit Rs 500 and Rs 1,000 notes has resulted in such a massive bonanza that it’s pulling rates down, bankers said. Thus the longstanding complaint of the Reserve Bank of India (RBI) that banks weren’t passing on rate reductions may be addressed soon. Banks ran out of currency in the Capital and elsewhere, although some cities reported that queues had shortened. In Parliament, the opposition parties attacked the government over the withdrawal of Rs 500 and Rs 1,000 notes, saying it was insensitive, caused hardship to people and had unleashed “economic anarchy”. State Bank of India (SBI) reduced rates on deposits from one year to 455 days to 6.90%, down 15 basis points, while keeping the 7% rate for deposits between 211 days to one year unchanged. That may not be great news for those putting their money in banks but le...

He states, integrity and ethical conduct are pre-requisites for the country's development As the debate on demonetisation rages on across the nation, Finance Minister Arun Jaitley has changed his facebook cover photo which states that India can no longer live with black money. Integrity and ethical conduct are pre-requisites for the country's development, he states. "India cannot afford to live with black money any longer. Honesty, integrity and ethical conduct are requirements of India's development," said Jaitley's facebook cover photo. With opposition ganging up over demonetisation of Rs 500 and Rs 1,000 currency notes, the government has been maintaining that the move was needed to eliminate black money, counterfeit notes and terror financing. Prime Minister Narendra Modi had on November 8 announced demonetisation of high-value currency notes and asked holders of such notes to deposit them in banks by December 30. Since then, seemingly unending queues of ...

Prime Minister says government open to discussion on all subjects The Opposition launched a full-frontal attack on the government in the Rajya Sabha on Wednesday, using sarcasm, jibes and irony to take it to task for the “insensitive and inefficient” demonetisation drive.   It claimed Prime Minister Narendra Modi’s government never intended to punish tax or loan defaulters, but to ensure the unpaid debts of corporate giants were underwritten and paid off by the savings of the underclass at grave inconvenience to them.   Some of the Opposition parties demanded a Joint Parliamentary Committee, or JPC, probe into allegations that the information on demonetising of currency notes was selectively leaked to benefit a few, including Bharatiya Janata Party’s (BJP’s) West Bengal unit, which allegedly deposited a large sum in its bank account a day before the drive was enforced.   A wary government took the attack on the chin, wanting to not rock the boat on the very first day of ...