The Reserve Bank of India (RBI) regulates and supervises Public Sector And Private Sector Banks. Under the provisions of the Banking Regulation Act, 1949, it can, inter alia―i. inspect the bank and its books and accounts (section 35(1) ibid.); ii. examine on oath any director or other officer of the bank (section 35(3) ibid.);
The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017 to ensure that the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices. Further, the following steps have been taken by the NAA to ensure that customers get the full benefit of tax cuts:
Assessee-employer had contributed a specific amount to each employee which was credited to a Staff Welfare Fund Account alongwith interest thereon and the amounts retained with the employer and the interest accrued in the name of a particular employee, was taxed in the hands of that employee. Hence though there was a common fund and accrual of interest, the same had to be treated as having been credited separately on the employees account in the relevant fund which was permissible for deduction under Section 36(1)(va).
In re Vaau Energy Solutions Pvt. Limited (GST AAR Madhya Pradesh) 1. The present application has been filed u/s 97 of the Central Goods & Services Tax Act, 2017 and MP Goods & Services Tax Act, 2017 (hereinafter also referred to CGST Act and MPSGT Act respectively) by M/S Vaau Energy Solutions Pvt. Limited (hereinafter also […]
A new audit approach is envisaged in view of the experience gained over the past years in implementation of Customs Post Clearance Audit, as well as the exposure to international best practices.
Reserve Bank has today released guidelines on tokenisation for debit / credit / prepaid card transactions as a part of its continuous endeavour to enhance the safety and security of the payment systems in the country. Tokenisation involves a process in which an unique token masks sensitive card details.
In re Kayden Infra Engineering Private Limited (GST AAR Haryana) (a) Since, the applicant is the person responsible to pay GST on the Mineral mining rights in lieu of which Royalty is being paid, at what GST rate should it discharge its GST liability whether at the rate of 5% (Rate applicable on extracted raw […]
in re Woven Fabric & Bags Manufacturers Association (GST AAR Haryana) It appears prima facie that Woven Fabric & Bags Manufacturers Association itself is not in the business of goods in respect of which advance ruling is sought and it has merely submitted a representation in the shape of advance ruling application on behalf of […]
The IWAI is clearly not the Government of India, but a Government Entity having no sovereign authority to collect Government revenue. It is, therefore, evident that the Applicant is supplying works contract service for an original work that is meant for commerce and business. It does not, therefore, satisfy the conditions laid down under Serial No. 3(vi)(a) of the Rate Notification.
In re WEBFIL Ltd (GST AAR West Bengal) The Applicant- WEBFIL Ltd, is established by government notification, is liable to deduct tax at source under section 51(1) read with Notification No. 1344-FT dated 13/09/2018, being a company controlled by the Central and the State Governments. FULL TEXT OF ORDER OF AUTHORITY OF ADVANCE RULING, WEST BENGAL […]
