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About 40 million subscribers of the Employees´ Provident Fund Organisation (EPFO) can now make down payment and pay the equated monthly instalments from their EPF   accounts to buy houses. The subscribers will be able to withdraw up to 90 per cent of their accumulations in their PF account to purchase homes. The EPFO has amended the scheme by insertinganew paragraph —68 BD —to the EPF Scheme, 1952 Over four crore subscribers of the retirement fund body Employees Provident Fund Organisation (EPFO) can now make down payment and pay EMIs from their EPF accounts to   buy homes. The subscribers of the EPFO will be able to withdraw up to 90 per cent of their accumulations in their PF account for purchasing homes. The EPFO has amended the scheme by insertinganew paragraph —68 BD —to the Employees´ Provident Funds (EPF) Scheme, 1952, to enableasubscriber to make down payment to  buy homes and pay EMIs through the EPF account,asenior official said. The official sai...

The Bihar Goods and Services Tax (GST) Bill, 2017, was passed by the bicameral state legislature on Monday, making Bihar the second state after Telangana to adopt the   new tax reforms.   With the lone exception of Communist Party of India (Marxist–Leninist), all the political parties backed the Bills associated with the GST.  Bihar was also the second state in the country, after Assam, to rectify the constitutional amendment Bill.  The Bill, along with five others, was tabled in a special session of the state legislature on Monday.    Terming the tax reform as pro-poor and a development-booster, Commercial Tax Minister Vijayendra Yadav said  GST is the need of the hour. Crediting Chief Minister  Nitish Kumar for the smooth passage of the Bill, the minister said  Kumar had been a strong supporter of the new tax regime since the time it was conceptualised.    The Business Standard New Delhi, 25th April 2017

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Execution challenges for physical stores are expected to reduce after the implementation The Goods and Services Tax (GST) regime will be a shot in the arm for the brick-andmortar retail industry, which has faced major competition from online e-commerce players in the past few years. Besides the uniform tax, the execution challenges for physical stores are expected to reduce significantly after the implementation of the GST, which has brought optimism for retailers to expand aggressively. “Today e-commerce companies get an advantage in terms of taxation,” said Kishore Biyani, chief executive officer (CEO), Future Group, which is present across all retail formats from supermarkets to fashion retail business. “The GST will create a great level-playing field and is definitely helping our new expansion plan,” he added. There have been some changes in the dynamics for brick-and-mortar stores in the past six months. The drying up of funds for some of the e-commerce players was a positiv...

In the run-up to the goods and services tax (GST) roll-out, the Central Board of Excise and Customs is set for a major revamp with resect to tax intelligence, information technology, risk assessment, post-clearance audit, taxpayer services, among others. The Board, which is being renamed as the Central Board of Indirect Taxes and Customs (CBIC), will fortify and expand its intelligence wing - directorate general of GST intelligence -- to fight against tax evasion and clamp down on black money. “There are a lot of areas where maturity of the administration needs to go up. We are not able to perform in those (areas) due to lack of workforce and resources. The GST is one opportunity as it will free up manpower to concentrate on important areas like data analysis, intellectual property, risk assessment, etc,” said a senior government official. On the fear of redundancy, the official said the growth and promotions of officers would not be affected by the new tax regime. “New work will b...

Views sought on changing financial year to JanDec, simultaneous polls Prime Minister Narendra Modi on Sunday asked states to work with the Centre as “TeamIndia” to introduce the goods and services tax (GST) in time. He also sought their   views on changing the financial year to January December (from April to March), as well as simultaneous general and Assembly polls. Chairing the NITI Aayog´s Governing Council meeting, which also comprises chief ministers, he sought their views on the threeyear agenda prepared by the body. This lays emphasis on reforms in governance and taxes, with higher spending on health and education. Its 15 year vision document envisages tripling the country´s real (adjusted for inflation) gross domestic product (GDP) and per capita income by 2031- 32. If GDP grows at this rate, every one should ideally have access to at least a two wheeler and an air conditioner in 15 years, the document says. The PM was also in favour of putting in place the...

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The Centre on Friday faced searching questions from the Supreme Court for making Aadhaar mandatory for PAN cards, despite its order that it should be optional. Attorney General Mukul Rohatgi, appearing for the Centre, made the submission as a Bench comprising Justices AK Sikri and Ashok Bhushan asked him why Aadhaar has been made mandatory for applying for PAN cards when the apex court had earlier said it should be made optional. Rohatgi said the government had found that lots of fake PAN cards had been procured on the basis of fake ration cards and other documents and these were used to divert funds to shell firms.To stop such a situation, it has been decided to make Aadhaar mandatory while applying for PAN. “There is a legislative mandate now.Section 139AA of the Income Tax Act says so. It is the only option as we have found that people were getting PAN cards on fake ration cards and such cards were used to divert funds to shell firms,” he said. The Bench observed, “Is ...

The Narendra Modi government is open to the idea of delaying the roll-out date for the goods and services tax (GST) to September this year, if the situation so demands. A senior government official told Business Standard that while the July 1 deadline was still the target date, it could be reviewed if the consensus was that the Centre, states, GST Network (GSTN) and the private sector were still not ready for it. “In any case, why should we announce a new date for the GST roll-out at this point in time?” he asked, while rejecting suggestions made by some quarters, including former finance minister P Chidambaram, that the GST should be rolled out from October 1. The constitutional amendment to the GST, which was notified after its passage in Parliament on September 16 last year, states that the current indirect taxation system can continue for one year from that date. The government has maintained that the GST will have to be implemented before September 15 this year. “The Constitut...

Cover Intermediaries Like Transporters, But No Place For Advance Ruling On `Place Of Supply' The government is leaving no stone unturned to prevent GST leakage and to ensure complete cross-check of records. Detailed records are required to be kept not only by suppliers of goods or services (manufacturers or service providers), but also by intermediaries such as warehouse owners, transporters and agents.In addition to the goods sold, they have to also track stocks given as free samples or gifts. “Even as concepts of manufacture or trading are no longer relevant under GST, the record-keeping requirements continue to be based on these lines. Rule 1(2), covering general record keeping, provides that accounts or records shall be maintained separately for each activity , including manufacturing, trading or provision of service. Therefore, the classification of these activities will continue even in the new regime though not relevant for the concept of supply which underlines GST,...

Govt Painting Us As Robbers, Say Hoteliers The hospitality indus try on Friday hit out at Union minister Ram Vilas Paswan's announcement that service charge was optional, warning that such statements could kill the booming industry . The statement comes close on the heels of a court ban on serving liquor near highways. Just last week, the minister spoke about a plan to regulate portion sizes though he later clarified that the steps would have to be voluntary . “The government talk ed of ease of doing business but the question restaurant industry asking is, where is the guarantee of business,“ fumes Riyaaz Amlani, president of National Restaurant Association of India (NRAI). NRAI is planning to hold nationwide protest against these guidelines.“The government did not talk of high taxes such as VAT, Swachh Bharat cess, Krishi Kalyan cess and service tax but talked only of service charge. Rather than clarifying that heavy taxes are resulting in inflated bills, the government is s...