On July 1, India moved on to a new era of taxation with the rollout of Goods and Services Tax (GST). It has now subsumed 17 central and state indirect taxes and 23 cesses into a single tax regime. Such a big transition is bound to change the lives of many individuals and businesses. Some of such changes are as follows: Change in shopping online Under the new regime, goods will be delivered to a customer much faster than the previous regime due to removal of paperwork to be filed with state authorities.
The government is gradually making Aadhaar card compulsory for financial transactions and several other procedures such as filing income tax returns and availing government schemes and benefits. The government recently made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs 50,000 and above. It has asked the existing bank account holders to link their Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017.
As the government insists that one’s Aadhaar account and Permanent Account Number (PAN) should be linked by July 31 this year to pay income taxes, millions of Indians have faced issues with syncing the two accounts due to small differences in how their names are spelt. This problem can happen even if there are minor differences in how the name is recorded – like the use of one’s full name in PAN and initials in Aadhaar.
The Motor Vehicles Amendment Bill 2016 has raised fines significantly to make roads safer. The Bill passed by the Lok Sabha last week makes Aadhaar mandatory for driving licences and vehicle registration. It proposes alterations in vehicles, in order to make them suitable for specially abled people. It provides for a Motor Vehicle Accident Fund, which would provide compulsory insurance cover to all road users in India for certain types of accidents.
Post notes ban, there has been a hike in collection of personal income tax, the finance minister said, adding that the new portal will help honest tax payer. HIGHLIGHTS Finance Minister says number of assessees has gone up post notes ban Personal income tax collection has gone up post notes ban, he adds Mr Jaitley expects further increase in tax returns going ahead The number of persons under the tax net has increased by 91 lakh as unaccounted cash lost anonymity post note ban, Finance Minister Arun Jaitley said today.
Now, you can lock your Aadhaar biometric details to keep it safe and unlock it whenever you want to use it. With digital payments using Aadhaar data on the rise and cases of misuse being reported, officials of the Unique Identification Authority of India (UIDAI) have come out with the new security feature to lock the biometric details (fingerprint and retinal scan data).The UIDAI introduced the lock and unlock facility following an uproar that Aadhaar deprived people of their right to privacy.
According to SBI’s new rates, for two to less than three-year deposits, the bank will offer a rate of 6.25 per cent as compared to 6.75 per cent earlier SBI or State Bank of India, the country’s largest bank, cut its term deposit rates in select maturities from April 29, 2017. The government’s move in November last year to withdraw Rs 500 and Rs 1,000 bank notes from the financial system led to a “huge inflow of current account and savings bank deposits”, State Bank of India (SBI) chief financial officer Anshula Kant told NDTV Profit, while explaining the rationale behind her bank’s decision to lower its deposit rates.
Worried in getting Aadhaar cards for your children? Need not anymore. Head to the common service centre recognised by Department of Electronics and Information Technology, Government of India at 16th Avenue, Ashok Nagar, Chennai, where it is done exclusively for children below five years from Mondays to Saturdays this month. Speaking to ‘News Today’, H Moorthy of MGM e-Governance Services said, ”We are doing Aadhaar card enrollment for newborns to children below five years.
Account holders with banks have been asked to link their accounts with their Aadhaar number and also provide mobile phone number. Lead Bank Manager A. Sakthivel held a discussion with the representatives of all banks here on Monday to encourage their customers to provide the Aadhaar number and mobile phone numbers. A communication from the Union Finance Ministry said that only 44 per cent of the bank customers had provided their Aadhaar numbers.
The government today defended in the Supreme Court its decisionto make Aadhaar mandatory for issuing of PAN cards, saying it was done to curb the use of fake PAN cards across the country. Attorney General (AG) Mukul Rohatgi told a bench comprising Justices A K Sikri and Ashok Bhushan that the programme of PAN had become suspect as it could be faked while Aadhaar is a “secure and robust” system by which the identity of an individual cannot be faked.