Key Topics:

• INTERNATIONAL TAXATION
• DIRECT TAX
• GST

Months have been passed, after introduction of GST to replace all other indirect taxes. However, even to date, there are several questions which remainedambiguous and unclarified. One of such issues is Payment and Offset of GST, which is being discussed in this article. 

As compared to Service Tax and Excise duty regime,the procedure relating to payment of GST is different and which may bring hardships to assesses. 

Read more: DOES PAYMENT IN GST MEANS DEPOSITING THE MONEY

Budget speech by Arun Jaitley – In order to incentivize creation of new jobs in the formal sector, Government of India will pay the Employee Pension scheme contribution of 8.33% for all new employees enrolling in EPFO or the first three years of their employment. This will incentivize the employers to recruit unemployed persons and also to bring into books the informal employees. In order to channelize this intervention towards the target group of semi-skilled and unskilled workers, the Scheme will be applicable to those with salary up to `15,000 per month. I have made a budget provision of `1,000 crore for this scheme. 

Read more: PRADHAN MANTRI ROJGAR PROTSAHAN YOJANA (PMRPY)

INTRODUCTION 

Depreciation in normal parlance refers to decrease in value of Asset due to 

• WearandTear i.e. Usage
• Effluxionof Time.
• Obsolescence i.e. Technological changes 

Depreciation is one of the allowable deduction from income under Business or profession.

Read more: DEPRECIATION UNDER IT ACT