FAQ

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Frequently Asked Questions

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FAQs on GST

Goods and Service Tax (GST) is paid by the consumers for the products or services. But the GST will be remitted to the government by the businesses who are providing you with those products and services.

Any business having a turnover of over 20 lakh INR is required to register for GST. If you are a supplier of the goods to more than one state, you are required to register for the GST in all states that you supply goods. There is no registration fee for the GST.
 
Every individual who is covered under the GST Act must produce their income to the Tax Department of India. This is known as return and it includes details of every sale and purchase. Under this system of taxation, concerned individuals must file their GST return 26 times in a year.

In case of Intra-State transactions, GST can be calculated as follows: 

CGST = Applicable GST Rate / 2 (for 28%, CGST will be 28/2=14%) 

SGST / UTGST = Applicable GST Rate / 2 (for 28%, SGST will be 28/2=14%)

No charges are levied to complete the GST registration process. In case businesses do not complete the registration process, 10% of the amount that is due or Rs. 10,000 will be levied.

As per the guidelines, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the due date for payment of GST – 20th of every month.

FAQs on EPF

If you are a salaried employee with a (basic + dearness allowance) less than Rs. 15,000 per month, it is mandatory for you to be opened an EPF account by your employer.

The EPFO allows one to access one’s EPF even during the course of employment. Such withdrawals are treated as ‘advances’ and not loans. Such advances are allowed only under specific situations – buying a house, repaying a home loan, medical needs, education or marriage of children, etc.

An employee must hold an EPF account until permanent retirement. Moreover, an individual can withdraw from an EPF account only when they are out of employment for more than 2 months. The maturity period is a major difference between PF and PPF.

The 8.5 per cent interest rate on EPF deposits for 2020-21 was decided by the Central Board of Trustees (CBT) in March 2021. It was ratified by the finance ministry in October 2021.

Here are 5 benefits of EPF funds that every salaried person must know.
  • Employees’ Deposit Linked Insurance Scheme (EDLI) …
  • Pension Scheme for EPF account holder. …
  • Income Tax exemption. …
  • Partial Fund Withdrawals. …
  • Loan against PF.

Checking EPF balance via SMS. If you have registered your UAN with EPFO (Employee Provident Fund Organisation), you can check your PF balance quickly by sending an SMS. All you need to do is send a text message to 7738299899.

The employee must be an EPFO member (Employees Provident Fund Organization) One must have completed 10 years of service and be over the age of 50 to receive an early pension under EPS. To be eligible for a normal pension, you should be at least 58 years of age.