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Showing posts from May 2, 2017

EPFO: Moving in sync with the times

At a time when fintech players and banks are vying to offer faster services to their customers, reduce paperwork, and move processes online for greater convenience, government bodies like the Employees’ Provident Fund Organisation (EPFO) too have realised that they need to change with the times. The EPFO, which has traditionally been perceived as stodgy, has surprised long-time watchers with its customer-friendly initiatives in recent months.

No certificates required for advances

Earlier if you wanted a non-refundable advance from your EPF account, you had to produce a certificate to prove your need was genuine.If you needed money for medical treatment, you had to produce a doctor's certificate. If you needed it to finance a child's marriage, you had to submit the wedding card as proof. All such requirements have been done away. "You can withdraw money by just making a self-declaration.This is in line with the central government's policy of relying on people's self…

Compliance Cost Won't Rise Under GST: Adhia

The government said the goods and services tax regime, likely to start in two months, will not increase the compliance burden on trade and industry.

“Many people think that implementation of GST would result in increase in compliance cost.This is completely misplaced,“ revenue secretary Hasmukh Adhia told netizens on Facebook.

Industry has been apprehensive about GST increasing compliance burden. Adhia said that on the contrary, it would come down because trade and industry won't have to maintain separate books for central excise and value added tax.

“With the rollout of GST, there would be a single tax and accounting for this will be very simple. It can be done through an offline excel form provided by GST Network. If someone uses this form for keeping records of purchase and sales, then he can use this for filing returns. Thus, compliance would be minimised,“ he said.

Adhia, who is spearheading the implementation of GST, said the finance ministry is gearing up for the rollout and o…

SMEs approach FM for extension of GST launch

Retail small and mediumsized enterprises (SMEs) have builtacase for deferment of implementation of the goods and services tax (GST) to September 1 on account of complexities involved to comply with the new setup.Agroup of retail businesses, including Max Standard Retail, SRS Group and VMart Retail, has written a letter to Finance Minister and Chairman of the GST Council Arun Jaitley to extend the GST deadline, which has now been set at July 1. The retailers sought extension, along with clarification for the industry, to absorb the change, the representation made to the finance minister said.Earlier, traders´ association, the Confederation of All India Traders, also pitched delaying the roll-out of the GST regime to September 1, as small businesses are not yet ready for it.

Business Standard New Delhi, 02nd May 2017

Budget session of Parliament likely to begin on January 3

The budget session of Parliament is likely to begin on January 31, advancing it by over three weeks, the cabinet committee on parliamentary affairs decided on  Tuesday. Finance minister Arun Jaitley will present the combined Union budget – including allocations for the railways and ending a 92-year-old tradition of presenting a separate railway budget – on February 1. Jaitley was present at the meeting also attended by home minister Rajnath Singh, parliamentary affairs minister Ananth Kumar and external affairs minister Sushma Swaraj. Officials expect the move will allow for earlier allocation of funds for government schemes and projects and lead to their better implementation on the ground. In the past, funds were usually not allotted from the beginning of the financial year on April 1, creating a backlog and choking funds. Though the budget was presented in February, several tax proposals kick-in only from June after Parliament passes the annual finance bill in May. A group of secr…