Finance Secretary Ajay Bhushan Pandey said taxing interest on employee contributions to provident fund over Rs 2.5 lakh per annum is based on ‘principles of equity’. This would be taxed from April 1, 2021. He further said that people with less than Rs 25 lakh annual income can continue to deposit 12 per cent into the EPF without paying any tax. He said that in January month, GST Collections were over Rs 1 lakh crore which is a recovery sign.
