News Update

GST Council extends benefits to services sector in mega wayGST Council clarifies on taxability of certain goods; exemption also granted to manyGST Council extends last date for filing appeals against GST Appellate TribunalHM launches 'E-Beat Book' & 'E-Saathi' App to build SMART Police forceGST - Members of Indian Legal Service ineligible for consideration for appointment as Judicial Members in GSTAT; Section 110(1)(b)(iii) of CGST Act quashed: HCEC decides to hold Assembly Polls for Maharashtra & Haryana on Oct 21; Results on Oct 24GST - Composition of GSTAT to include two Technical Members, who possess little experience in law, against one Judicial Member would create reasonable apprehension of bias in minds of assessee; Sections 109(3) & 109(9) of CGST Act struck down: HCPreferential Certificate of Origin - Online platform goes live for registrationCBIC issues detailed guidelines for transfer of confiscated drones & UAVs to eligible Govt agenciesAccumulation of huge funds cannot form sole basis for denial of registration u/s 12A to a trust: HCCBDT modifies jurisdiction of 25 PCIT & CIT-rank officersFailure to prove source of cash deposits as well as genuineness of transactions merits addition as unexplained cash credit u/s 68: HCTrust carrying out both charitable as well as religious activity cannot be denied registration u/s 12AA by invoking Sec 11(1)(a): HCGST - Even God himself did not pass sentence upon Adam before he was called upon to make his defense - Natural justice is another name for common-sense justice: HCCST - In case of a conflict, the FTP provisions should prevail vis-à-vis the appendix in Handbook of Procedures, which are nothing but a subordinate legislation: HCCus - An element of mens rea, or any direct or indirect involvement attributable to the CHA through active knowledge or connivance is required to be proved in a proceeding for revocation of license: HCCST - Appendix or the Handbook of Procedures cannot override the FTP provisions: HCST - A person can be aggrieved or not aggrieved, there cannot be a concept of protective appeal: CESTATST - Refund claim rejected on ground that burden passed to recipient - however, in subsequent proceedings, in respect of same amounts, Commissioner(A) holding contrary and refund paid - Chief Commissioner to investigate: CESTATST - Exemption notification 20/2009-ST read with Corrigendum dated 30.08.2009 has been given retrospective effect from 01.04.2000 by Finance Act, 2011 - artificial distinction by Commissioner is contrary to express intention of s.75 of FA, 2011: CESTATIt is not neccesary for writ courts to delve into merits of matter, if statutory appeal remedy is not exhausted: HCIndia receives first of 36 Rafaela Jets from FranceGST - ITC to be restricted if outward supplies details not filed + New Return Format to be put in place from April 1, 2020 + Circular 105/2019 rescinded + Single Refund Authority to function from Sept 24 + Fake invoices - New provisions to be put in place to curb ITC utilisation by risky and new assesseesGST - Rate changes and clarifications to come into force from Oct 1, 2019 + Committee to be set up to simplify GSTR-9; GSTR-9A waiver grantedBook authors get option to pay GST on royalty on forward charge basis + Liquor licence to be treated as 'no supply' + Passengers development fee & user fee by airport operators to be taxedGST rate on job work in relation to diamond reduced to 1.5% + 12% rate for machine-based job work and 18% on job work for bus body buildingGST Council decides to reduct tax rate on hotel accommodation tariff - NIL rate for Rs 1000/- per day + 12% rate for between Rs 1001 to Rs 2000/- and 18% for above Rs 7500/- per day tariff + 5% rate on outdoor catering service without ITCTax on fish meal - Exemption granted from July 2017 to Sept 30, 2019GST Council's 37th meeting decides to reduce tax rates on items like marine fuel, cut & polished stones; IGST Exemption to certain imports by Defence & International Football tournamentJewellery exports - Diamond India gets IGST exemption for import of raw materialsGST rates hiked from 5% to 12% on goods falling under Chapter 86 to neutralise accumulated ITC + Caffeinated Beverages from 12% to 28%GST - Aerated drinks exempted from composition scheme but to attract 18% rate + Solar items to attract 5% tax rate + Almond milk to attract 18% rate
 
EPF Board approves Amendment proposal to benefit 6.3 lakh pensioners

 

By TIOL News Service

NEW DELHI, AUG 23, 2019: IN a major decision, the Central Board of Trustees (CBT) EPF in a meeting held at Hyderabad on 21 August 2019, approved the proposal to recommend for amendment in Employees' Pension Scheme (EPS) 1995 for restoration of commuted value of pension to the Pensioners after 15 years of drawing commutation which will benefit approx. 6.3 lakhs pensioners. This was a long pending demand of the pensioners.

The Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar who is also Chairman CBT, while addressing the CBT expressed satisfaction that Employees' Provident Fund Organisation (EPFO) is settling more than 91 % claims of EPF members in online mode and lauded the efforts made to improve services for settlement of claims of family of deceased members and  EPF call centre function 24 by 7.

He also appreciated the good governance strategy adopted by EPFO in saving of Rs.22 crores p.a. due to negotiating reduced OD charges increased FD interest and waiver of collection charges by SBI and further savings of Rs.50 lakhs p.a. due to reduction in collection charges by three banks and achievement of highest yield (8.55%) by Portfolio Managers since July 2015.

The Minister released the educative booklet on seasonal employees regarding special provision in EPS'1995 regarding eligibility of seasonal employees for pension. The contents of booklet brings out the Scheme provision that contributory service in any year, even if contributory period is less than a year is treated as full year of eligible service for seasonal employee and this will help dispel doubts in minds of members/employers.

The Chairman CBT also launched the revamped EPFIGMS 2.0 version which will benefit more than 5 crores subscribers and lakhs of employers by speedy and smooth resolution of grievances.

The Board approved the proposal for Selection and Performance Evaluation of next Custodian by the new Consultant which will be appointed on the basis of Report of Five Members' Committee constituted by the CBT for the purpose.

In the matter of coupon default of IL&FS Ltd, the Board nominated three officers of Investment Division of EPFO to attend the Debenture – Holders' Meeting that may be held in future and if need be, vote on behalf of the Central Board, EPF.

Selection of ETF Manufacturers : The Board approved the decision to choose the E xchange T raded F und (ETF) manufacturers through public bidding by 30/10/2019, extension of the term of the present ETF manufacturers (SBI MF and UTI MF) till then and also to authorized the Finance Investment & Audit Committee (FIAC) to conduct the exercise of choosing ETF manufacturers.

Allocation of investment in Nifty 50 and Sensex: The Board approved the proposal that the fund allocation between Nifty 50 and Sensex ETFs be divided evenly, i.e. in the ratio of 50% to 50%.

Appointment of a Consultant in addition to M/s. CRISIL Ltd: The Board approved the nomination of members from employer's and employee side in a Committee constituted to select and appoint a separate Agency/Consultant in addition to M/s. CRISIL limited, inter-alia to review the working of the Portfolio Managers (PMs), assist the investment Committee in redemption of ETFs, etc.

Appointment of Portfolio Managers for managing funds of Central Board, EPF : The Central Board approved Request for Proposal (RFP) document for appointment of Portfolio Managers and recommendation of the FIAC on appointment of Portfolio Managers.

Exercise of early redemption options available in DHFL Bonds: The Board approved for early redemption option in DHFL bonds recommended by FIAC. 

Consent for Transfer of Non- Convertible Debentures (NCDs) of GSPC to GSIL: EPFO has total investment of Rs.2300 Cr in GSPC NCDs. The Board approved the transfer of NCDs of GSPC to GSIL, a wholly owned subsidiary of Govt. of Gujarat and a better rated company which had made an offer to take over debt of GSPC with budgetary support of Government of Gujarat

Legal Entity Identifier Code (LEI) for participation in non- derivative markets by EPFO: In Nov'18, the Reserve Bank Of India (RBI) issued advisory to all eligible market participants in the Financial Markets to obtain LEI Code. The Board approved the nomination of the EPFO Officers as the authorized Officials to obtain LEI Code.

Withholding Investments in bonds of private sector companies: The CBT approved the decision to withhold any further investment in Private Sector Companies Bonds and to compulsorily consider one of the two required ratings necessarily from CRISIL, CARE, ICRA & India Ratings for investments in PSU Bonds category.

The Board ratified the decision of put option in NCDs of Tamil Nadu Power Finance Corporation and also approved put option in bond issued Kerala Finance Corporation & Tamil N adu Power Finance and Infrastructure Dev. Corp. Ltd.


POST YOUR COMMENTS