The single biggest tax reform in the history of the nation has finally become a reality. Goods and Services Tax has become a matter of our lives for ever.

This overhaul of the country’s tax regime is believed to unify the entire population of 1.3 billion and the economy of the country worth US$ 2 trillion into one unified common market.

It’s no mean matter that GST is the topic of discussion for everyone. In a scenario where everyone has a comment on this subject, let us really understand the gist of the matter.

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Understanding the new Section 269ST of the Income Tax Act, 1961

INR 3 lakhs ceiling on cash transactions

In the Union Budget, 2017, Finance minister Mr. Arun Jaitley had emphasised the need to address black money formation and had proposed a ban on cash transactions over INR 3 lakhs.

To enforce this, a new section 269ST has been proposed in the Income-tax Act, 1961.

This new Section states that no person shall receive an amount of INR 3 lakhs or more from another person in a single day, for a single transaction, in any other form other than a cheque, bank draft or an electronic bank transfer.

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new-500-100o-rupee-notes

India wakes up today morning with the knowledge that all the currency notes they have in the twin denominations of Rs.500 and Rs.1,000 have been demonetised.

Years after the fall of its twin towers this very day is forgotten, as America is busy counting votes, Indians are busy counting notes. Ironically, the twin syndrome still seems to haunt us, for us it is the fall of the twin currency, the two biggest denomination notes which dominated the cash transactions in this country since a long time.

Lauded by most, ridiculed by some, this sudden move has even left some spellbound in shock and disbelief. But let me be candid to say that the move has taken the nation by surprise.

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