GST to be simple, less burdensome for business: Profit Secretary

Items and products and services Tax will bring in a quite simple and not more burdensome taxation regime as it'll be a single price indirect tax which can also be paid by means of debit/bank cards, cheque and NEFT, revenue Secretary Hasmukh Adhia stated these days.

He mentioned, GST will make it more uncomplicated for merchants and industry to get admission to enter Tax credit and in addition ease compliance burden as the whole country will change into a single market.

“GST is a very quite simple thing to follow, it is going to be very easy for all of you. There is probably not any border limit when you move goods from one state to another. And a number of the small small taxes will go away. it's going to be one unified tax,” Adhia stated on the shiny Gujarat world Summit here.

The government had deliberate to roll out GST, as a way to subsume excise and service tax and different local levies, from April 1,2017. however, vexed considerations like jurisdiction over assesses, stay to be resolved by means of the GST Council chaired by Union Finance Minister Arun Jaitley.

“we're working time beyond regulation to make it a reality as early as imaginable. Our goal date is April 1, 2017, and we will see to it that we try our perfect to carry it to people,” Adhia mentioned, adding that taxes may also be paid by means of NEFT, RTGS, cheque, and debit/bank cards.

Explaining the process of tax cost under the brand new tax regime, he mentioned GST is a single tax and built-in GST on cross border movement of products and services is handiest an .

“meantime” tax for which enter tax credit will also be claimed.

“GST will certainly turn into a quite simple and no more burdensome tax for most people of the usa. Be it manufacturers or traders. simple tax, single compliance procedure, it will turn out to be very very simple for the folks to pay taxes,” Adhia stated.

The GST Council has already reached an agreement on a four-tier tax construction — 5,12,18 and 28 per cent. in addition to, a cess on demerit, luxury and a few extra goods could be levied.
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Aadhaar now obligatory for EPF pension scheme

The Centre offers Rs 850 crore once a year on a tapering foundation as annual budgetary reinforce against the pension scheme.

The Centre has made obtaining an Aadhaar quantity necessary for 2.5 crore members of the workers’ Pension Scheme of 1995, one of the vital benefits available to workers’ Provident Fund subscribers.

The Labour Ministry stated in a notification that these with out an Aadhaar quantity should make an software to get enrolled by means of January 31, 2017.

The subsidy, an identical to 1.16 per cent of the employee’s income upto rs. 6,500, paid by means of the Centre in opposition to the EPS, will no longer be credited until the Aadhaar number is shared with the authorities.

“participants and pensioners of the workers’ Pension Scheme desirous of continuing to avail pension and membership to the workers’ Pension Scheme by availing the valuable government’s contribution and subsidy beneath the mentioned scheme, are hereby required to furnish proof of the possession of the Aadhaar quantity or endure Aadhaar authentication,” a notification issued with the aid of the Union Labour and Employment Ministry on January four said.

in keeping with the notification, till a subscriber enrolls for Aadhaar, the principal executive will present pension subsidy underneath the scheme only after certain paperwork are produced, including id certificates issued with the aid of the agency and a duplicate of the request made for Aadhaar enrolment.

These documents must be submitted to the staff’ Provident Fund supplier or EPFO along with both of the following paperwork: voter identity card, passport, PAN card, using license or a certificates of identity approved by means of a gazetted officer.

At present, the minimal pension under EPS is rs. 1,000 monthly and an worker can receive pension only after a minimum 10 years of carrier.

The Centre contributes 1.16 per cent of the worker’s revenue towards the scheme along with company contribution of 8.33 per cent of the revenue.

employees are robotically enrolled beneath EPS if they are participants of the staff’ Provident Fund scheme. The Centre provides Rs 850 crore yearly on a tapering foundation as annual budgetary strengthen in opposition to the pension scheme.

“no longer all employees have an Aadhaar number. we aren't towards the government’s move to link disbursement of subsidy quantity with Aadhaar number but the govt has given an extraordinarily short notice to get enrolled below Aadhaar and it should be reviewed,” All India trade Union Congress (AITUC) secretary D.L. Sachdev said.

Demonetisation shocker: Now, Mahatma Gandhi goes missing from RBI’s new Rs 2000 notes

In a peculiar incident, a farmer in Sheopur of Madhya Pradesh has obtained Rs 2000 notes from a State financial institution of India department with out Mahatma Gandhi's image imprinted on it.

In a peculiar incident, a farmer in Sheopur of Madhya Pradesh has obtained Rs 2000 notes from a State financial institution of India branch without Mahatma Gandhi’s picture imprinted on it. The farmer was once left flabbergasted whilst the financial institution professional has clarified that the notes weren't pretend currency. instead the official referred to misprint because the possible motive at the back of it. “it is not fake forex, it is a misprint,” SBI officer RK Jain mentioned, consistent with ANI report. The notes had been sent for probe, the document mentioned.

Following high Minister Narendra Modi’s demonetisation transfer, new notes of Rs 500 and Rs 2000 have been presented. at the beginning, there was so much speak about the notes and that they have been leaking color. but then later the federal government established that the brand new forex notes, just as the previous ones, will lose color if rubbed with a piece of wet material or when immersed in water as a result of that’s the nature of the dye used.

Then there have been rumors of GPS chip embedded in the new forex notes of Rs 500 and Rs 2,000 went viral. due to this fact, a special approach has emerged about radioactive ink being utilized in these notes.

It was once stated that P32 is a radioactive isotope of phosphorus such as 15 protons and 17 neutrons which can be used in the radioactive ink in minimal amount. it's used like a radioactive warning tape. So in line with it, each time an enormous lot of foreign money is amassed at a suspected position, the radioactive indicator in the currency indicates it. as the Ministry of Finance (MoF) and Reserve financial institution of India (RBI) have no longer deemed it fit to make clear anything as such formally, it can safely be assumed that this used to be additionally in simple terms speculation.
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government plans two-day blitz to spotlight demonetisation good points

PM Narendra Modi will ship an deal with to the nation on Saturday a good way to record out measures like widening of the tax base and advent of a cleaner economy so that you can inhibit generation of black money, along with promising reduction to standard folks, farmers and small traders. he is also likely to spell out a post-demonetisation roadmap as the 50-day closing date for depositing scrapped Rs 500 and Rs 1,000 notes ends on Friday.

The handle, to be broadcast are living, is predicted to reassure the nation that the demonetisation resolution is working and can be preceded through a city hall assembly at Talkatora Stadium in Delhi on Friday evening. there's a risk that some announcements could be made to coincide with the closing date to deposit previous forex ending.

At Friday's adventure, organised by the IT ministry, the PM is likely to announce the winners of lucky Grahak Yojana, the scheme launched by the government to incentivise digital funds to make a India cashless financial system. The PM may additionally declare Tihar prison as adigitally-enabled establishment.

BJP sources stated the PM's bulletins could focal point on measures to proceed the crackdown on black cash to verify the "positive factors" of demonetisation aren't misplaced with the reemergence of illegal cash.

"The PM is likely to center of attention on the want to curb the currency-pushed 'parallel economy'," mentioned a senior BJP functionary.

He mentioned the PM might emphasise on continuity of the reform process and the celebration expects him to reassure sections of the poor who are littered with lowered money supply.

"He can be anticipated to bear in mind the interest of sincere tax-payers however containing cash flows and promoting digital payments are important issues," said the source. though the cap of Rs 2,500 on ATM withdrawals and Rs 24,000 per week thru bank counters might be relaxed soon, sources mentioned the PM will reiterate that the dishonest will not get away surveillance.

Modi has been countering the opposition charge that demonetisation has did not root out black cash or that BJP members have been tipped off nearly on a daily basis. The opposition parties have launched an enormous marketing campaign in opposition to the federal government alleging that the move has pushed the country's financial system twenty years again.

BJP's self assurance ranges appear to be rising as leaders say demonetisation shall be a poll problem in five states early next yr. whereas Modi will handle the nation, the ruling birthday party fielded a galaxy of ministers together with Venkaiah Naidu, Ravishankar Prasad and Piyush Goyal, who came out with details and figures to counter the opposition's allegations.

Sources said PM's tackle to the nation will not only be an try to spell out the roadmap post-demonetisation but additionally to pre-empt the opposition bid to accentuate marketing campaign towards the "economic reforms".

As much as Rs 50,000 nice for preserving outdated notes after December 30

The Union cupboard cleared an ordinance on Wednesday on demonetisation of previous Rs 500 and Rs 1,000 notes, making their possession, transfer and distribution a punishable offence after December 30.

There will likely be targeted fines starting from Rs 5,000 to Rs 50,000 for persisted possession of the demonetised notes. The superb shall be a multiple of the collection of notes found in possession past the permissible limit — 10 for souvenirs and 25 for the purpose of numismatics.

The penalties have been got down to stop exploitative distribution of previous money as wages and payments to the bad. whereas considered as a measure for extreme eventualities, the federal government feels making possession of the currency an offence is important to forestall two varieties of notes of the identical denomination (Rs 500) being in circulation at the related time. The ordinance has a provision to permit sure classes of individuals to deposit the previous notes at RBI branches until March 31.|

The ordinance, which has been sent to the President for assent sooner than it's notified, has a provision for certain categories of individuals to deposit the previous currency with distinctive branches of the RBI until March 31, 2017 with explanatory notes. The condition has been brought to the sooner provision on depositing notes until March 31.

Sources mentioned RBI used to be anticipated to issue a notification delineating categories of folks who can be allowed to deposit old notes with its branches after December 31.

the government had on November eight demonetised these notes however allowed folks to deposit them in banks until December 30. a set of FAQs issued by the finance ministry on Wednesday clarified that any citizen who's outside the us of a "may just authorise in writing enabling another particular person in India to deposit the notes into a bank account. The individual so accepted has to come to the bank department with the specified bank notes, the authority letter and a legitimate identity proof".

Any cost towards tax, surcharge, penalty and deposit below the Pradhan Mantri Garib KalyanYojana (PMGKY) will also be made in old bank notes of Rs 500 and Rs 1,000 simplest as much as December 30, the finance ministry mentioned. The PMGKY, which commenced on December 17, is open for declarations as much as March 31.
Any financial institution observe issued by way of the RBI is guaranteed by means of the relevant executive, accordingly demonetisation has to be followed through relevant adjustments within the rule.

The issuance of ordinance had develop into mandatory as the cut-off date of depositing the banned foreign money notes in banks involves an end on December 30.
section 26 of the RBI Act provides that each bank word will be criminal delicate except the principal executive by way of notification in the Gazette proclaims that with impact from such date as could also be targeted within the notification, any series of bank notes of any denomination shall stop to be felony mushy.

New Rule: quickly, Punishment For retaining greater than 10 old Notes, Centre Clears Ordinance

After Friday, having greater than 10 banned notes will turn out to be a felony offence underneath a new rule licensed with the aid of the federal government as of late. An ordinance or government order has been cleared by using the cupboard and will be despatched to the President for his sign-off. 500 and 1,000-rupee notes were banned by means of the government on November eight in an anti-corruption move. previous notes can also be deposited in banks most effective till December 30. After that, deposits can be allowed till March 31 on the Reserve financial institution of India or RBI but with stringent stipulations.

Here's 10-point cheat sheet to the story:

1. The utmost collection of banned foreign money notes of any denomination that a person will probably be allowed to have is 10.
   
2. individuals can be allowed to keep outdated notes only in exceptional cases - individuals who could not deposit old notes because they were out of the country, or in inaccessible areas and are in the armed forces.
   
3. With this ordinance, high Minister Narendra Modi and his cupboard have additionally ended the liability of the federal government and the imperative bank on the banned notes to prevent future litigation.
   
4. No jail time period has been specific for old forex notes.
   
5. Sources say there may be a superb of at least 50,000 rupees or five times the quantity caught -- whichever is better. A magistrate will hear cases involving violation and come to a decision on penalty.
   
6. In a sudden announcement on November eight, top Minister Narendra Modi banned 500 and 1,000-rupee notes with an goal to flush out black or unaccounted cash.
   
7. the federal government's transfer took out 86 per cent of the cash in circulation. in keeping with the RBI, more than 13 lakh crores in old notes has already again to the banking machine in deposits.
   
8. the federal government has additionally provided a one-time window for people to deposit their undeclared cash in banned excessive denomination notes and pay 50 per cent in tax and penalty.
   
9. however, the government has warned that any individual caught by the taxman will have to pay almost 90 per cent of the amount they have got.
   
10. After the government restricted the amount of cash that people might deposit or trade with out scrutiny at banks and submit offices after the notes ban, many people with undeclared cash reportedly burned previous notes, offered them in temples and some even threw them in rivers.

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