IMPORTANT DOCUMENTS.

Monday, 4 November 2019

  NOVEMBER 02, 2019

7th CPC MACP Rules And Regulations | Latest Dopt Clarification


7th CPC MACP Rules and Regulations | Latest Dopt Clarification 7th Pay Commission MACP Rules and Regulations – Latest Dopt Clarification on MACP Scheme New Promotion Rules for Central Government Employees – Modified Assured Career Progression Scheme (MACP) Central Government accepted the new 7th pay commission promotion rules and implemented for all groups of Central Government employees. Assured...

Wednesday, 10 July 2019

changes under NPS have been announced by Central Government including enhanced contribution by the Central Government to its employees covered under NPS from the existing 10% to 14%

PENSION FUND REGULATORY
AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutub Institutional Area,
Katwaria Sarai, New Delhi-110016

PFRDA/17/07/11/0002/2019-SUP/CG
07.06.2019

To,

All Principal Accounting Officers of Central Autonomous Bodies


Sir/ Madam,

Subject: Necessary instructions for all CABs (Central Autonomous Bodies) concerned with reference to gazette notification F.No.1/3/2016-PR dated 31/01/2019 issued by Dept of Financial Services (DFS), Ministry of Finance containing recent announcements under NPS- reg.

This is with reference to the gazette notification F.No.1/3/2016-PR dated 31/01/2019 issued by Dept of Financial Services (DFS), Ministry of Finance (copy enclosed).

Vide the aforementioned notification, certain changes under NPS have been announced by Central Government including enhanced contribution by the Central Government to its employees covered under NPS from the existing 10% to 14% (to Tier-I account). The changes under said notification are applicable w.e.f. 01-04-2019 for Central Government employees. However, the circular is silent on the its applicability to the employees of the CABs covered under NPS.

In view of the above, PFRDA has requested the Department of Expenditure to clarify whether the above-mentioned changes/ modifications under NPS would be applicable to employees of Central Autonomous Bodies (CABs) covered under NPS.

In the interim, PFRDA has been approached by various CABs who have individually obtained their internal approvals for enhancing the employer contribution from 10% to 14% and hence, have sought PFRDA’s approval for uploading the same through the existing CRA functionality.

In light of the above and till the time clarification emerges on the matter of applicability of notification dated 31.01.2019 on CABs , it has been decided by the competent authority that the CABs who have obtained such internal approvals, should obtain a separate and express approval/concurrence for the applicability of the said provisions of the notification dated 31.01.19 on their employees from Department of Expenditure (DOE), Ministry of Finance.

Consequent upon receipt of such approval from the DOE, Ministry of Finance, a copy of the referred approval may be forwarded to the CRA, for necessary action at the CRA’s end.

Yours Sincerely,

(Sumeet Kaur Kapoor)
Chief General Manager

Thursday, 4 July 2019

HAPPY RATHA YATRA 2019.

 Ratha Yatra 

One of India's biggest and oldest festivals of India is the Ratha Yatra  which is  started on today 4th july,2019.

Rath Yatra, Jagannath Temple, Puri
Rath Yatra, , Puri
Jagannath means "lord of the world" and is the form of Hindu gods Krishna/Vishnu/ Rama/Budha etc.  worshipped in Odisha. Odisha is known for its famous and sacred Jagannath Temple, which is in Puri. The Ratha Yatra or the Chariot festival is celebrated at the temple of Jagannath, associated with God Jagannath. The yatra  is celebrated throughout world. Ratha Yatra,  celebrated internationally  is to commemorate Jagannath's visit to Gundicha Temple through Mausi Maa Temple in Puri. Read on to know the story behind Lord Jagannath, his visit, the festival, and the temple.
Rath Yatra in New York!

The unique feature of the temple is that Krishna is worshipped not with a spouse, but with his siblings, his elder brother Balabhadra and his younger sister Subhadra -- accompanied by the Sudarshana Chakra.
The images are malformed, with no hands or feet, and disproportionately large heads.
They are not made of metal or stone, but of wood and cloth and resin, and therefore must be replaced from time to time, leading to rituals in which the enshrined deities fall sick, die and are reborn.
The story goes that when the image was being carved, the artisan had asked the patron king not to open the door until the work on the idols was completed. But the impatient king did open the door of the workshop, as he did not hear sounds of the wood being carved and polished. Thus, the idol were left incomplete.
During the festival, the deities are decorated with over 208 kg gold to complete their remaining limbs.
Krishna, Balabhadra, Subhadra decorated at Jagannath Temple, Puri. (Img: YouTube)


Every year, in this month, when the summer is at its height, the deity and his siblings step out to bathe in public, unable to bear the heat inside the temple. This is called Snana Purnima.
Then, for the fortnight that follows, Krishna and his siblings take ill after they bathe with 108 pots of water under the blazing sun, and are kept in a recovery chamber called anasar ghar.
When they recover, their appetite returns and they wish to eat the food cooked by their aunt Gundicha, whose house is a little away from his temple.
The three chariots of the deities at Jagannath, Puri.
So Krishna steps on his grand chariot and makes his way there. This is the start of the famous nine-day Jagannath Rath Yatra (this year it begins on 4th July), whose gigantic chariots inspired the British to coin the word "juggernaut".


The chariots of the deities are newly built every year. Jagannath's chariot is called Nandighosa, the chariot of Balabhadra is called Taladhwaja and that of Subhadra is called Dwarpadalana.
The total number of wheels on Lord Jagannath's chariot are 16, Lord Balabhadra's chariot are 14 and Subhadra's chariot are 12.

The Ratha Yatra is a symbolic journey of Krishna back to his childhood, hence taken along with siblings, not wife Lakshmi, who is left behind in the main temple, much to the latter's irritation, which is enacted out ritually by priests (and maharis or temple dancers, in the days of yore), to evoke the feeling that even the great Jagannath has marital problems just like the guy next door.
Maharis or temple dancers at the gate of the Jagannath Temple, Odisha.
The temple food or mahaprasad, known locally as abhada, is pretty famous too -- just like the Puri temple is famous for its kitchen.
Large pots of food are placed on top of each other and cooked with wood fire and steam, starting from the top layer.

The adorable part is that the food is made available to every person through the little buzzing market adjacent to the temple, called Anand Bazaar.
Food being cooked on a regular day at the temple's enormous kitchen.
Served on a banana leaf and eaten sitting on the floor, the meal consists of khichdi, dal, vegetables, and a sweet ending that is most cherished. Odisha's famous sweet dishes such as chhena-poda pitha (the most widely loved), baked rasgulla and with nolen-gud kheer (date-palm jaggery porridge).

Wednesday, 3 July 2019

Guide to Goods & Services Tax (GST)

Updated on April 20th, 2019 in GST
GST – One nation, one tax is surely a game changer.

As the Indian taxation scenario revamps, a singular tax regime promises to eradicate complexities, stemming from a bunch of indirect taxes and manual filing.

To give you a ready reckoner, here’s an exclusively crafted, quick guide to the Goods and Services Tax, commonly known as GST.


1. GST introduction:
Goods and Services Tax, commonly known as GST, is an indirect, value added consumption based tax, which will replace about 17 direct and indirect, Central and State taxes, from 1st July, 2017.

GST was introduced and passed as “The Constitution 122ndAmendment Bill” on 29th March, 2016. It would be governed by The GST Council reporting to The Chairman, Union Finance Minister of India, presently Sh. Arun Jaitley.

The GST roots its origin in the year 2000, about seventeen years ago, when the, then ruling Vajpayee government, under the leadership of Sh. Asim Das Gupta [ The then, Finance Minister, Government of West Bengal ] set up the first committee for discussion and applicability of a consolidated tax structure, now evolved as GST.

2. Benefits of GST:
According to IMF, this radical change, will take the Indian GDP to above 8% by creating a single national market, facilitating the efficacy of inter-state transactions and movements. Here’s a quick compilation of the major benefits.

  • Simple and easy life:
By replacing 17 indirect taxes, the compliance costs will see a sharp drop.

  • A common centralized market:
Currently, it’s scattered and decentralized, causing a whopping, 20-30% additional costs.

A common centralized market would significantly fuel the number of participants and transactions, while simultaneously diminishing the operating costs.

  • Aggregating investments:
Presently, input tax credit does not exist, for many capital goods. The cost of capital goods will see a 12 – 14% drop, owing to a cent percent input tax credit in GST. Expectations reveal, that it will resolve to a 6% rise in capital goods investment, 2% overall.

  • Fueling Make in India:
GST embeds countervailing duty, which ensures increased protection from imports.
Manufacturing will tend to be more competitive, addressing issues like central and inter-state tax cascading, fragmented markets and high logistic costs.

  • Squeezing inventory and logistics costs:
Less paperwork and reduced waiting time for the carriers, at the state borders.
The daily commercial vehicle travel average for India is 280 kms. against a whopping 800 kms. in US.

  • Simpler and online procedure:
GST is a 100% automated environment – registration to returns. No more running around and queuing up in the tax offices.

  • Complete clarity for E-commerce:
Currently, the complicated inter-state restrictions and confusing levies, forbid many e-tailers to sell across states, resulting in a kind of restricted and choked e-commerce environment.
GST will put a full stop to all these, encompassing smooth sailing with utmost clarity, through a single code for PAN India transactions.

  • Larger tax base:
GST is expected to upsurge the tax spread. The overall tax liability for businesses is projected to reduce overtime, as more and more businesses comply.
GST would use all the available data from, Aadhaar and PAN to ensure a seamless GST registration and GST return filing.

 3. Complexities in the present tax structure:
According to the APAC Tax Complexity Survey, Indian tax laws are perceived to be second most complex in the APAC region, after China.

The root cause stems from the diversity, in the taxation modules of central and state governments. The businesses today maintain books, which tend to capture and adhere to a heap of compliances, yet leaving a few, unknowingly, in the absence of blur guidelines.

E-commerce is the most effected vertical, in terms of suffering, from the lack of clarity in taxation laws.
The ripple effects of such complexities have been hitting the economy since long, hampering businesses, markets and tax collections.

4. GST applicability: 
GST will subsume a whole lot of direct and indirect, central and state taxes and will reappear in a consolidated make over. A comprehensive list of taxes, which GST will engulf, both in Centre and State, is as under:

  • Central GST:
Central Excise Duty | Additional Excise Duty | Service Tax |Additional Duties of Customs / Countervailing Duty / CVD |Special Additional Duty of Customs / SAD.

  • State level GST:
State Value Added Tax / State Tax | Entertainment Tax (other than the tax levied locally) | Central Sales Tax (levied by Centre, collected by States) | Octroi and Entry Tax | Purchase Tax | Luxury Tax | Taxes applicable on lotteries, betting and gambling.


5. CGST, SGST, IGST, UTGST and CESS:
GST brings with it a new breed of glossary, which you should be aware about.
It’s majorly about the individualistic taxes, which Centre, State and the Union Territories would collect.

India, being a federal country, the Constitution of India allows both the Centre and States to levy and collect taxes for their individualistic and varied responsibilities.

The different taxes would enable the tax payers to take credit against each other, enhancing ease and transparency in the taxation cycle.

  • CGST:
Central GST [CGST] is the GST, to be levied by the Centre, on intra-state businesses.

  • SGST:
State GST [SGST] is the GST, to be levied by the State, on intra-state businesses.

  • IGST:
Integrated GST [IGST] is the GST, to be levied by the Centre, on inter-state businesses and imports.

  • UTGST:
Union Territory GST [UTGST] is the GST, to be levied by the Union Territory States on inter-state business.

  • Cess and Surcharges:
Although, majority [16 precisely] of the cesses and surcharges levied by the Centre and the States would abolish, however, tobacco, pan masala, soft drinks and luxury vehicles would still have it, on them.

6. Proposed tax rates: 
The GST council on 18th May, 2017, revealed a detailed chapter wise tax structure in Srinagar.
Here’s, at a glance for you to know, understand and feel the difference, at proposed taxes on the major day today items.

Impact of GST on household expenses [ % ]
Food
Entertainment
Transportation
Household Personal Care
Mobile Phone Services
Before GST
12.5
30
15
28
15
After GST
5
28
18
18
18

 There are total four taxation slabs incorporated in GST, as under:

GST Rates Slab
Items
5%
Edible oil, Sugar, Spices, Tea, Coffee (except instant)
Coal (currently @ 11.69%)
Mishti/Mithai (Indian Sweets)
Life-saving drugs
12%
Computers, Processed food
18%
Hair oil, Toothpaste and Soaps (currently @ 28%)
Capital goods and industrial intermediaries (big boost to local industries)
28%
Small cars (+1% or 3% cess)
Consumer durables such as AC and fridge
Luxury and sin items like high end cars, cigarettes and aerated drinks (+15% cess)
High-end motorcycles (+15% cess)
Beedies not included here.

7. GST Registration:
 Any business of goods or services falling in the GST regime, exceeding the threshold of Rs. 10 LPA [North Eastern states] and 20 LPA [ rest of India], is bound to register as a normal GST payer.

GST registration is critical for your business, as it enables you to avail various benefits, under the GST umbrella. For instance, one such subsidy, is to avail seamless input tax credit.

GST registration will produce a unique Goods and Services Tax Identification Number [GSTIN], which will be your passport for conducting a cohesive business, nationally.

You can dig deeper into the step by step process of GST registration, the documents required in GST registration and other fine details, here.

8. GST filing and types of returns:
A normal taxpayer will be required to furnish three monthly returns and one annual return. The GST returns vary for different taxpayers under different schemes.

A taxpayer registered under the Input Service Distributor will file a different return than the one enrolled under the Composition Scheme.

There are total eleven types of GST returns, starting from GSTR-1 to GSTR-11, capturing and catering to different forms of tax payers.

A few amongst eleven, look like this:

Return formWhat does it capture?Who should file?By when?
GSTR-1Details of outward supplies of taxable goods and/or services effectedRegistered Taxable Supplier10th of the next month
GSTR-2Details of inward supplies of taxable goods and/or services effected claiming input tax creditRegistered Taxable Recipient15th of the next month
GSTR-3Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of taxRegistered Taxable Person20th of the next month
GSTR-4Quarterly return for compounding taxable personComposition Supplier18th of the month succeeding quarte

GST is a FULLY automated ecosystem, from registering to returns. No room for manual hiccups and tax evaders.

9. Role of GSP’s and ASP’s in GST:
GSP’s and ASP’s, which are private and government authorized bodies, are aimed to provide the much needed technical support for the taxpayers in the IT ecosystem for GST.

GSP [GST Suvidha Providers] is an enabler for the taxpayer to comply with the provisions of GST through its various online compliance channels.

An ASP [Application Suvidha Providers] is a facilitator, focusing on taking raw data of sales and purchase and converting it into GST returns [GSTRs’]. These GSTRs’ will then be filed to GST [GST Network, the server] via the GSP.

Masters India, technologically equipped with the state of the art infrastructure, is amongst, one of the thirty four authorized GSP. Backed by a squad of, GST enabled professionals from the financial, logistics and IT domains, Masters India is fully geared up to deliver a seamless GST compliance automation.

To know more on, how can your transition to GST, be smooth and flawless, please click here. Else, you can drop a quick hello at info@mastersindia.co and someone will touch base ASAP.

10. Conclusion:
GST is expected to serve as a strong antidote to numerous direct and indirect economic  ailments, Indian taxation has been struggling with, since independence. It surely seems to be a much simpler and ideal tax net.

Assuming the average rate of GST to be 18%, the consumers at large, have reasons to believe, that for most goods, there would be a significant reduction in the overall costs, while bringing more businesses and tax payers on board.
India Inc. is surely geared up and rapidly marching towards being GST-fied.