What Should I Do With My PF Account?

It is always a confusion for peoples that what I need to do with my PF account, if in a career gap or jobless situation.

Employee Provident Fund is one of the great investment methods to save a little money per month, it also gives 8-9% interest annually. One important thing is that, these earnings are tax-free if you are not withdrawing the money before 5-year completion.


Benefits of Keeping EPF

  • EPF considered as Retirement benefit money, so it is always better to continue until you are employed
  • It is Tax-free if you are not taking PF amount within 5-year timeline
  • switching PF account from one company to new company is an easy process

PF Amount withdrawal

You can withdraw if you are unemployed and not looking for other jobs.

UAN is a mandatory number which will be provided by your previous employer.

Refer these videos to know how to check your PF balance and withdraw your PF,

 

 

 

GST: The Goods and Services Tax

GST is implemented in India from July 1st, 2017. What is GST? How it is different from previous tax structure. Consider this business structure, Buying Raw Materials

Manufacturing  -> Sell To Warehouse or Wholesaler -> Sale To Retailer -> Final Sale To Consumer ->


For example, A shoe manufacturer need leather and plastics after production he sells to the wholesale team, Hence they will add labels with additional value to the products. After this, The retailer buys this product and after separate packaging process, they will increase the value to the shoes.

But GST will be levied on all transactions happening during the entire manufacturing chain. That means instead of the excise duty, State wise VAT and the point of sale VAT there is only GST.

The shopkeeper has paid a tax when he bought the item from the wholesaler. To recover that amount, he passes the liability to the customer. GST means the final liability on the end consumer is decreased.

Graphical Explanation


There 3 Kind of GST

CGST: where the revenue will be collected by the central government.

SGST: where the revenue will be collected by the state governments for intra-state sales

IGST: where the revenue will be collected by the central government for inter-state sales


Goods and Service Tax (GST) as the name suggest is one single tax on the supply of goods and services, right from the Manufacturing to the ultimate delivery to a customer.

ie, The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

 

GST Simple Explanation | Hindi