White Paper

Resources

Whitepaper on Ind-AS (Feb’2015)

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International Financial Reporting Standards (IFRS) are principles-based Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB). India being a member country is bound to adopt these standards.

Understanding GST (Goods & Service tax) and present status

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It’s been more than 5 years when first discussion paper was released on Good and Service Tax (GST).!

The present Government is quite serious in passing the GST Bill in the ongoing winter session of the Parliament to make it a reality from 1st April’2016 (just 15 months from now).!

Purpose of this update is to apprise about the fundamental structure of GST and some issues which requires consideration before the transition to this new and revolutionary indirect tax law.!

You may also like to use it to educate your internal taxation team about GST.!

The views and opinion expressed in this update are personal in nature and it is advised to consult with an expert before taking taking any action based on them.!

Impact of amendments in the provisions of Provident Fund (PF) regulations

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  • It’s been approx. 3 months since Ministry of Labour notified the changes in PF regulations which increased the PF wage ceiling from Rs. 6,500 to Rs. 15,000, by more than 125%.!
  • Around same time (just 3 weeks before), an internal circular was issued which instructed the regional PF offices to inspect the establishments which have splitted the wages to reduce the PF liability.!
  • The purpose of this whitepaper is to discuss the impact of both the developments on employers and employees with a possible solution

Krishi Kalyan Cess (KKC)

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  • In Finance Bill, 2016, a new Cess in the name of Krishi Kalyan Cess (“KKC”) was proposed for the purpose of financing and promoting initiatives to improve agriculture and farmers welfare.
  • KKC shall be levied and collected in accordance with the provisions of Chapter VI of the Finance Act, 2016 as Service Tax on all the taxable services at the rate of 0.5% on the value of such services. The effective rate of Service Tax will become 15% (14% Service Tax + 0.5% Swachh Bharat Cess + 0.5% Krishi Kalyan Cess )
  • Unlike the SBC (Swachh Bharat Cess), Input Tax Credit will be available for the payment of this cess.
  • KKC shall be levied and collected by the Central Government under separate accounting head/code.