On October 6, 2017, Indian government decided to simplify overly complicated GST returns and provided an option to file quarterly return for businesses having turnover less than 1.5 crore. As most of us already know, GST return filing has become a joke and utter waste of time due to complicated process, non working web portals, changing dates and rules etc.
This article will cover the still emerging details about the quarterly return, its limitations, who all is qualified, and its practicability etc.
EPF is a primary savings tool for large number of people working in private organized sector in India. EPF accounts and EPF balance is managed by Indian Government agency called 'Employees Provident Fund Organisation (EPFO)'.
Traditionally it has been very difficult to check EPF balance because of lots of paper work and time involved. It was also difficult to ...
EPFO has recently launched a new portal for EPF called unifiedPortal. This portal for members / employees was launched in Dec, 2016 and after few weeks of down time, it has now started working fine. We used the 'Download Passbook' feature on 20th January 2017 to check the current EPF balance, and the unifiedportal worked just fine. Here is a detailed guide on unified portal and its features.
With the monthly deadline of filing GSTR1, people are facing lot of problems with official website (gst.gov.in). This page list common errors and how to go around them.
As per GST deadlines, you need to file GSTR 3B return by August 20, 2017 for the period of July 2017. This is a summary return to simplify the process for the 1st month of GST.
Here are the details of how to file GSTR 3B Return Online at GST Portal.
GST (Goods & Service Tax) is a landmark indirect tax scheme in India and is going live from July 1st, 2017. As part of GST, all previous indirect taxes like service tax and vats are now being replaced with GST. Thus all new invoices that are created from July 1st 2017 need to be based on latest GST rules.
Lot of businesses as well as finance professionals are currently struggling to find the gst invoice format. Please note that under GST, there are two type of invoice. First is GST Tax Invoice and second is called Bill of Supply. Bill of supply is used where the seller is not allowed to charge GST tax (this can happen if the items are exempt from tax under GST or the seller is using GST composition scheme). In all other cases, GST tax invoice is raised.
This article explains the details for invoicing under GST and how to include CGST, SGST, and IGST in the invoice.
GST Council of India has decided the gst rates for different services on May 19th 2017. Here goes the complete item wise list of services with their corresponding gst tax rates. If you are paying service tax currently, you will need to switch over to following GST rates starting July 1st, 2017.
Lately it has become compulsory to link/seed your Aadhaar number to your EPF account (UAN) to ensure smooth service. A successfully linked Aadhaar number is useful for two cases:
- EPF Pension: Must for getting the pension after April 2017
- Simplified Online claim for epf transfer and epf withdrawal: If your EPF account is seeded successfully with Aadhaar number, then you can submit your epf...
Lately Employee Provident Fund Organization(EPFO) has mandated the linking of Aadhaar number for every EPF member who is also utilizing Employee Pension Scheme (EPS).
As per EPF rules, typically a employer contributes 12% of basic towards EPF. Out of the above 12%, 8.33% goes in Employee Pension Scheme subject to a maximum of Rs 1250. Thus mostly every member of EPF is also...
On March 6th 2017, PFRDA (Pension Fund Regulatory and Development Authority) in india has issued detailed instructions about transferring money from EPF to NPS.
EPF is india's primary social security scheme for private sector and at this moment has more than 6 crore members. Though EPF primarily invests in debt - thus giving interest in the order of 7 to 10%. NPS (National Pension Scheme) is ...