Reduction of Administrative Charges of EPF from 1.10% to 0.85 % W.E.F 01.01.2015

Recently The Ministry of Labour and employment government of India has issued notification to revise the rate of administrative charges under the EPFS. The changes are effective from 01.01.2015.

The Government of India issues notification No. S.O. 323(E) and S.O. 324(E) both dated 02.02.2015,  on reducing the administrative charges under the Employees’ Provident Funds Scheme, 1952. The Ministry of Labour and Employment, Government of India, has issued a notification to revise the rate of administrative charges under the Employees’ Provident Funds Scheme, 1952. The changes will be effective from 1 January 2015 so administration charges payable upto 31.12.2014 will be levied at old rate.

EPFO (Employees Provident Fund Organisation) has cut the administrative fee it charges under the ambit of its social security schemes, effective from January 1st 2015. The administrative charges have been reduced to 0.85% of basic wage from 1.10% as per a Labour Ministry Notification No. S.O. 323(E) and S.O. 324(E) both dated 02.02.2015.

Below is the Summary of P.F Rates.

Various accounts of PF Challan
OLD Rate
New rates W.e.f 1-Jan-15
A/c No 1: PF contribution Account
A/c No 2: PF Admin account


A/c No 10: EPS account


A/c No 21: EDLIS account


A/c No 22: EDLIS admin account


Net Rate

To Download the official Notification click here

National Innovation Foundation - Vacancy for CA/ICWA/CFA

Job ProfileManager (Finance)

Pay: Senior Manager:Rs. 30,000 -50,000/
         Manager: Rs. 20,000 -30,000/-

CA/ICWA/CFA/ Post Graduate in Commerce, Finance and accounts, Human Resource Management, Public administration and other related subjects with least threeyears’ experience for Manager and five years’ experience for Senior Manager in handling the administration, finance,  store and purchase etc.

Desirable:Work experience in public funded institutions.

Last Date to Apply is 31st March 2015

For More Information Click Here.

Delhi Metro Rail Corporation Ltd. Recruitment 2015

Job profile : Asstt. Manager/Finance
Education Qualification : CA/ICWA with minimum of 50% marks and with post qualification work experience in relevant field of one year. Knowledge of SAP/ERP will be preferred

Job profile : Section Officer (Finance) on contract basis for a period of 4 years
Education Qualification : CA(inter)/ICWA (inter) with minimum 50% marks with 7 years‟ post qualification experience in relevant field.

Last date to receive online application is 16.04.2015  

For more information  read the official Notification.

Persistence Is The Key – Very Much Needed Before The Exams

“The key of persistence shall open up any door that has been closed because of resistance”

I start my mornings usually by going up to my house terrace and get a breath of fresh air.  It feels really nice when cool breeze hits your face and makes you feel highly refreshed and relaxed.  And this, followed by the sunrise is a spectacular view to watch. 

Everyday what I also notice is the activity of birds that makes the whole morning environment quite chirpy.  You see thousands of birds flying here and there making it very difficult to imagine if they are creating any particular pattern whilst in the air.  Sometimes you see hundreds flocked and flying together and sometimes you see only a couple of them sitting together trying to identify what to do.  Perhaps they are mates trying to figure out their future J.

Whatever be the no of birds in the air, there is one thing that clearly emerges out, i.e., their desire to go and fetch food or water for themselves.  You can notice each of them fly down to a place that has some food, pick it up from their beak and then fly down to a tree and sit and eat.  Some of them feed their children and relentlessly fly down to pick up food and eat it.  If you carefully watch them, you notice a superb level of persistence, i.e. the ability to continuously fly down and pick up food and fee the children or themselves and then again fly down to pick up food.  This process continues till the time they are either no more hungry or are not left with any more food.

It is awesome to see their commitment to fly despite all odds such as bad weather or a threat to get eaten by a cat or any other animal.  The birds continuously persist in their motive to find food and never stop until they successfully achieve the desired result. 

What I wanted to bring out through the above illustration is that if each one of us adopts the bird like attitude of continuously making the effort to achieve our objectives, we can surely achieve our goals and consequently, a much better life.   The life of a student demands lot of hard work and persistence and unless we develop that attitude, it is going to be very difficult to survive and grow.  Relentlessly pursuing your objectives, filled up with the desire to achieve your goals is the key to success and in my personal opinion people having that attitude are the real winners. 

A lot of students ask me – “Nimish, how do you develop persistence or the attitude of not giving up on your dreams.  They ask me that in this world there are so many things to do and therefore, we sometime get lost in the mist.  How do we keep moving with the flag of our goal held high considering there are so many obstacles on the way”.  These are highly relevant questions and more important in today’s times when there are so many things to distract you.  There has never been a time before today when the world was inundated with so much information, so much media and so much social networking.  Today, people find it very difficult to get away with Facebook and the temptation to not look at WhatsApp whenever a new message arrives. Obviously, all these things including TV form a major part of what I call the ‘Distraction Kitty’.   The Distraction Kitty is nothing but a pool of all the items distracting you from your goals and consequently, taking you away from your dreams.

In my personal opinion the only way one can get away from your Distraction Kitty is when you have a strong ‘Desire’.  Unless and until you have a very strong desire to achieve something, your Distraction Kitty is going to sway you away from your dream goals.  People who have succeeded in life are the ones who have had very strong desire to become rich, very strong desire to achieve success, very strong desire to create big organizations and a very strong desire to change the world. 

In addition to having a strong desire to achieve your goals, there has to be a strong ‘Faith’ in your dreams.  Unless you believe that something good is going to happen to you, in my opinion no good will happen.  You have to have a strong desire and that desire has to be backed up with equivalent amount of faith.  You would have heard stories of disabled people climbing up mountains, or people without legs participating in cycling events or children of slum dwellers clearing IAS or CA papers and topping the charts.  All these are brilliant examples of the terms ‘desire’ plus ‘faith’.  These people have a very strong desire to achieve what they want and when they start they have an unwavering faith in their capabilities and in their actions to achieve the results.  They simply ignore the thought of giving up and that’s exactly what is needed to become a champion.

From my personal experience I can share that when I was doing CA, there was not even a single thought that ran in my mind whether I would clear CA or not.  I remember the motley group of people in our firm and despite being different, all of us in the batch of the year 1999 had one common desire – “the desire to become CA in the year 2002”.  And honestly, none of us ever had any doubt in our ability to clear the exams.  Our faith to pass was extremely strong it led the majority of us including myself become CA in the minimum stipulated time.

Its end of March now and only a month left before May 2015 attempt appears before you.  I think this is the time to work extremely hard, burn the midnight oil and leave nothing to chance.  And along with hard work, have faith in your capabilities and just believe in your self.

I want to suggest few tips that might help you develop faith in your abilities, faith in yourself and the attitude that YOU WILL MAKE IT:

1.            Prepare a list of affirmations

For the next 45 days make a habit to say positive affirmations to yourself.  You have to convince your subconscious mind that you are born to win and there is no way any obstacle can deviate you from your goals. 

I have been a staunch believer of affirmations and in a lot of my previous blogs I have talked about how writing and loudly speaking out the affirmations influence your subconscious mind.  Our subconscious mind gets influenced with images and words and the more we affirm to ourselves that we can do it and that clearing examinations are possible, the more our subconscious mind would make it a reality. 

Some examples of affirmations you can use:

(a)         Everyday and in every way I am getting closer to my goal of becoming a chartered accountant;
(b)         I can see myself holding the chartered accountancy degree in the attempt of May 2015;
(c)          I am very well prepared for the May 2015 exams and I will surely pass in this attempt;
(d)         There is nothing that can stop me from achieving my goal to clear the papers in May 2015 attempt and I can see myself very clearly becoming a chartered accountant.

Similarly, you can create your own affirmations and read them loudly 5-6 times in a day.

2.            Emotionalize your affirmations

For affirmations to work in your favour, it is important to have strong emotions in them.  Emotionalizing means putting lot of feelings so that the subconscious mind attracts the thoughts and then put them into action. 

Research on this topic has shown that when emotions are thrown in the thoughts and mixed with faith, the subconscious mind gets charged up and ensures that the same gets materialized.  It may sound slightly cheeky to you, but this concept has been proven scientifically and has been used by top performers.

When you are speaking your affirmations loudly, feel as if you have already got what you want and you are already in possession of your desired object.   If your desire is to clear the exams then whilst speaking your affirmations completely submerge yourself with the thought that you have already received the CA degree and behave the way you would behave when the results would be out in July 2015.  Have the same feeling that you would have when you would see your results.  Have complete faith that whatever you are speaking is going to get the desired result for you.    

3.            Be consistent

Whatever you do, be consistent with it.  Whether it is following the schedule you have prepared at the beginning or revision that you do everyday before you pick up any new topic or saying affirmations to yourself 5-6 times a day.  Be highly consistent with your actions.  Remember – “Consistency is the key to mastery”.

4.            Have a Bubble around you

At this stage it is critical to cancel all the noises around you and completely focus on studies.  There should not be anything that should take priority than your studies, food and rest.  These are the only 3 things that should form part of your life for the next 45 days and until the exams are over.

Create a mental bubble around you so that nothing else other than the 3 things I mentioned above enter your life.  If there is anything else, just don’t allow it.  Do this consciously and do it well.  You cannot afford to play with your career and with your parents and friends expectations. Just Do It!

5.            Don’t try to do too many things

I am sure you would know it but its better if not too many experiments are done at this point of time.  You have nearly 45 days left and therefore, it is critical to be calm, positive and just revise whatever you have studied so far.  It might be much better to revise properly what you have already studied so far, rather than studying new topics.

I would like to end this article with a beautiful quote:

“If you want something you never had, you have got to do something you have never done”

Wishing you all green lights and loads of good luck…

Authored by Nimish Goel (, a qualified chartered accountant who’s passion is to coach young chartered accountants and aspiring students achieve the best in their life.  Nimish used to work with EY and PwC in India and has also worked with KPMG in Europe.  He now runs his own consulting company and runs a blog  He can be reached for any queries and issues on his blog. 

Hindustan Steelworks Construction Limited (HSCL) Recruitment 2015

Job Profile : Finance Officer
Department: Finance
Qualification: I.C.W.A. / C.A. / I.C.W.A. (Inter.) / C.A. (Inter.)
Criteria: I.C.W.A. / C.A. should have 1-3 years of experience and I.C.W.A. (Inter.) / C.A. (Inter.) should have 8-10 years of experience. Experience in infrastructure industries and PSUs will be preferred. Retired executives of PSUs / Govt. Departments are encouraged to apply.
Location : North-East India

Job Profile : Senior Finance Officer
Department: Finance
Qualification: I.C.W.A. / C.A. / I.C.W.A. (Inter.) / C.A. (Inter.)
Criteria: I.C.W.A. / C.A. should have 4-9 years of experience and I.C.W.A. (Inter.) / C.A. (Inter.) should have 11-15 years of experience. Experience in infrastructure industries and PSUs will be preferred. Retired executives of PSUs / Govt. Departments are encouraged to apply.
Location : North-East India

Job Profile : Finance Manager
Department: Finance
Qualification: I.C.W.A. / C.A. / I.C.W.A. (Inter.) / C.A. (Inter.)
Criteria: I.C.W.A. / C.A. should have 9-12 years of experience and I.C.W.A. (Inter.) / C.A. (Inter.) should have 16-19 years of experience. Experience in infrastructure industries and PSUs will be preferred. Retired executives of PSUs / Govt. Departments are encouraged to apply.
Location : North-East India 

Last date to receive application form: 28/03/2015

For More information click Here.

Empanelment of members for the assignment of “Checkers” for CA examinations to be held in May, 2015. - (20-03-2015)

Checking of totaling of marks etc in the answer books of CA examinations, after they have been evaluated by the examiners, is being assigned/carried out by members of the Institute, who are empanelled for the purpose.

Accordingly, application are herby invited from members ( up to 15 years experience) to act as “Checkers” for checking the totaling of marks etc in the answer books, in respect of the CA examinations to be held in May, 2015.

For details regarding eligibility requirements to act as Checkers, functions of checkers, honorarium payable, terms and conditions etc. (please click here)

It may be noted that a fresh panel of checkers is prepared for every examination. Hence those who had empanelled as Checkers for earlier examinations are also required to apply online afresh.

Members, who are desirous of empanelling as Checker for May, 2015 examinations, may click here. And submit their applications on or before 10th April, 2015.

Members who are allotted assignments of checker will be informed through e-mail / letter between 20th to 30th May, 2015.

For any further clarifications / assistance, contact or call at 0120 – 3054 812, 3054 858 or 4953 758.
Examination Department

Empanelment of “Writers” for Chartered Accountants examination - (18-03-2015)

The concessions extended by the Institute of Chartered Accountants of India, to differently abled candidates, in CA examinations, inter alia include a) compensatory time and/or b) writer (scribe). Detailed guidelines in this regard are hosted in the students>examination section of 

Institute is in the process of building a panel of writers (scribes), in various cities, who can act as “writers” for differently abled candidates in CA examinations and invites applications from eligible persons who are studying in recognized schools, colleges and other educational institutions for empanelment as “Writers” in the following cities: 

Delhi, Mumbai, Chennai, Kolkata, Kanpur, Jaipur, Ahemdabad, Pune, Bangalore, Hyderabad, Chandigarh, Bhubaneswar, Guwahati, Indore and Ludhiana. 

The eligibility for becoming a writer is given below: 

Educational Qualification of writer
10th class/Matriculation passed.
Under Graduate students. (Registered students of CA/CWA/CS course, passed Final examination and a member of the ICAI, ICWAI and ICSI are not eligible to act as a writer).

A writer will be eligible for a honorarium of Rs. 500/-(Rupees five hundred only) per paper/two sessions of Common Proficiency Test (CPT)

Those who are desirous of empanelling themselves may send their handwritten application in the prescribed format (Click here) at the following address, on or before 30th April, 2015. 

The Deputy Secretary (Exams)
The Institute of Chartered Accountants of India
‘ICAI Bhawan’
Indraprastha Marg,
New Delhi – 110002 

(B. Muralidharan)
Deputy Secretary (Exams.)

Godrej - Vacancy for Chartered Accountant and ICWA

About the Business
Godrej Aerospace caters to the precision & high-tech manufacturing requirement of Aerospace Industry. It is now staged to explore the domestic & global Aircraft Industry as trusted partners & by participating in offset programs of Government of India.
Job Profile
Key Responsibilities
1. Cost Management
2. Financial Accounting
3. MIS on Business Performance
4. Compliance with Direct and Indirect Tax Laws
Job Description
1. Cost Management, Computation of project costs and Cost Audits
2. Financial accounting, Statutory Audit and Internal Audit.
3. Preparing MIS Reports and highlight variances wrt Plans.
4. Valuation of Inventories as per Accounting Standards
5. Ensuring compliance of all Direct and Indirect Tax Laws, Tax Audit within the Division and Comply with Statutory Requirements
6. Ensuring that all credits for Cenvat, VAT and Service tax are claimed
7. Working capital Analysis
8. Fixed Assets Accounting
9. Controlling over Accounts Payable, Accounts Receivable and Expense Accounting systems
10. Development of Systems pertaining to Cost and Financial Accounting with appropriate controls
11. Assisting Finance Head in Annual Business Planning, in controlling costs and in improvement initiatives like Business Excellence, Risk Management
12. Valuing the information received, effort spent in creating every piece of information
13. Ensuring that the right information is accessed by right individuals
14. Ensuring Confidentiality, Integrity and Availability of information

Qualification Details
Essential Qualification: Chartered Accountant / ICWA
Preferred Qualification: --
Experience Details
Essential Experience: 5 years of work experience
Preferred Experience: --
Special Skill

- Analytical skills
- Communication skills
- Interpersonal skills
- Result Orientation
- Process Orientation
- Computer Savvy
- Knowledge Of:
1. ERP
2. Systems development

For more Information and to Apply online click Here.

To apply online 

NJGB (Narmada Jhabua Gramin Bank) Recruitment 2015 - Vacancy for Chartered Accountant

Narmada Jhabua Gramin Bank

Name of the Post : Officer Scale-II (CA)

Selection Procedure : Selection will be made on the basis of performance in RRBs- Online CWE III conducted by IBPS in September/October 2014, and Performance in Personal Interview will be Conducted by Narmada Jhabua Gramin Bank. Merit list of the candidates for final selection based on Total Weighted Scores (TWS) obtained by them in CWE III of IBPS Plus Personal Interview Scores will be prepared in descending order under each SC/ST/OBC/UR category. 

Last date to apply Online 8th April 2015

To read the official notification click Here.


Job Profile : Executive Trainee (Finance)

Qualification : CA/ CMA 


                        Two years Full Time MBA (Finance)/ MMS (Finance) from a                               recognized University or Deemed University or Institute                                     recognized by AICTE with First Class or 60% Marks 


                        Two years Full Time Post Graduate Degree in Management                               (Finance)/ Two years Full Time Diploma in Management                                   (Finance) from an Institute recognized by AICTE with First Class                         or 60% Marks. Computer Literacy is a must. Working                                       knowledge of computers in an ERP environment would be an                             added advantage.

No. of Vacancies : 11

For More Details Refer the official Advertisement.

GST – Grow and Share Together

The much awaited Goods and Services Tax (‘GST’) now seems to be a reality as the broad contours are slightly visible.  The Finance Minister in his Budget speech made it clear he has all the intentions to implement GST from April 1, 2016.  Though, we have seen in the past (during VAT introduction days) that statements made by the Ministers and their actual implementation are always poles apart, it seems this time the Government has something ready in its hands.

I happened to meet a former senior CBEC Member during one of the Budget sessions and he informed the Government has already done a lot of work in relation to GST.  The most important ‘Place of Supply’ Rules have been drafted and GST legislation to an extent has also been finalized.  He was of the firm opinion that if political will exists, there is a good chance GST getting introduced from the above date.  His statement was both a matter of exhilaration and disappointment because on one side he excited me by disclosing that a lot of groundwork has been done but the same was caveated by mentioning the words ‘political will’.  We all know how important and crucial projects have got stalled in the past only because of political unwillingness.  Time will only unfurl whether we would see GST happening next year or not.

But definitely some steps in the Budget 2015 indicate the willingness to create a path for GST.  The rate of Service tax increased to14% that may eventually go up to 16% (if Swach Bharat Cess is introduced) is an indication to the service providers to get ready for at least that rate under the GST.  Though, the probability of GST rates more than 16% cannot be ruled out, there is definitely an indication now that the rate would at least be 16%.  The manufacturers are already paying at least 16% (12.5% excise duty and 4% VAT or 2% CST) and therefore, through this amendment the convergence of different rates seems to be happening.  Further, GST being a tax without exemptions, the Government has done some work on that front as well with removal of few exemptions.  So all in all, a good and fair move towards GST.

From a CEO or the CFO’s perspective, it looks like time has come to probably get some bit of understanding on how this new piece of legislation would unfurl things and its likely impact on the business operations.  Until now, not many people were looking at this seriously, but we feel there is no harm in getting some basic education on how GST is going to impact your company’s bottom line. 

The CFO/ CEO’s would also need to ascertain the tax impact on the entire value/supply chain and its potential impact on the product prices and bottom line.  Currently, there are multiple non-CENVATable taxes that organization's pay and those add to the prices of the finished products.  These include taxes like Octroi, Entry tax, CST, Luxury taxes etc.  Once GST subsumes all these taxes, there is going to be an immediate impact on the product price and the bottom line of your organization.  Consequently, a deep understanding of how these taxes would be subsumed and a careful monitoring of their impact on the costs of the business is important. 

A critical implication that arises out of the above is managing the cash flows resulting out of payment of taxes at each stage.  Currently taxes are not paid at each stage whereas under the GST, each leg of the transaction shall be taxed, resulting in cash flow issues.  This would also get heightened with the increase in the rates of GST vis-à-vis current rates of VAT and Service tax.

We need to understand GST shall be a transaction tax and consequently, each and every transaction has to be analyzed and thread-bear to figure out the tax implications.  Further, the current concepts of ‘sale of goods’ and ‘provision of service’ shall be completely replaced with the concept of ‘supply of goods and supply of service’.  The term ‘supply’ is a much wider term and means even if goods or services are not sold, they would still get taxed under GST by virtue of them being supplied.  Transactions relating to ‘stock transfers’ are proposed to be included in the ambit.

In addition to the transactional issues that would merit a deep-dive, there is another aspect requiring a significant overhauling and that is the IT set-up of your company relating to accounting and taxation.  GST would bring with itself plethora of compliances and if you operate in various states, it would mean maintaining documentation for all the states and effectively managing credit movements across the India.  Being dual in nature, each company would need two separate registrations, one with the Centre and the other with the State.  For service providers who only provide services and pay Service tax, this would mean added compliance since they would need to pay both CGST (Central GST) and SGST (State GST) and undertake compliances at both the levels. 

As per me, the other larger issue unrelated to tax requiring a well-designed change management strategy is the attitude of the staff and other stakeholders.  The current regime of taxation has been place for last 60 years and therefore any change unless embraced well within the organization can be quite catastrophic.  Proper education on the new provisions, their impact on the business & on the roles and responsibilities of the staff and how this change is going to make their life easy and more profitable has to be properly fed in the system and particularly into the staff’s minds.  More than hard issues, it is the softer issues that are going to be a key in ensuring a smooth transition for any organization.

I think in order to get away from the last minute rush and getting into a panic mode, the organizations should start sensitizing themselves on the broad nuances of GST and how it is likely to impact them. After all, only those who handle situations proactively are the ones who manage changes quite effectively.

I would like to end with a highly relevant quote by Jack Welch:

“An organization’s ability to learn and translate that learning into action rapidly, is the ultimate competitive advantage”

Authored by Nimish Goel (, a chartered accountant with more than 12 years of experience and who’s passion is to coach and help young chartered accountants and aspiring students achieve the best in their life.  Nimish used to work with EY and PwC in India and has also worked with KPMG in Europe.  He now runs his own consulting company and runs a blog  He can be reached for any queries and issues on his blog and on his Facebook page “Nimish Goel Blog”. 

Ambedkar University Delhi - Vacancy for Chartered Accountant as senior consultant

Ambedkar University Delhi
Founded by Govt. of NCT of Delhi

Job Profile : Senior Consultants

No. of Vacancies : 03

Educational Qualifications :– 

Essential: Master’s Degree with 55% marks or its equivalent grade of ‘B’ in the UGC seven point scale. 

i. Experience in Supervisory or equivalent Cadre in a Group `B’ post in a Government Department or a University or Educational or Research Institution or Teaching or Research experience along with proven administrative capabilities. 
ii. Excellent knowledge of computer applications and office procedure. 
iii. LLB or MBA or CA or MCA or equivalent qualification.

Last Date to receive application is 30th March

For More Details Read the Official Adv.

CA Online

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