By matched we mean legitimate invoices where the supplier has admitted tax liability by uploading the invoice on the portal This means either deny or automatically reverse credit on unmatched invoices
There has been a drastic change in the GST rate on sale of old and used motor vehicles. Below are the notifications issued on 25th January 2018 for the reference
Total dues payable by the Bank consisted of principal component and interest component. The principal Component being a loan in respect of which no deduction, benefit or loss was either claimed or allowed, was transferred to Capital Reserve Account and interest component was duly credited to the Profit and Loss Account and also offered to tax as income within the meaning of section 41(1) of the Act. The loan received is a capital receipt and it does not lose its capital nature even when it is renounced or waived by the lender.
As explained earlier, due to the non-availability of the refund module on the common portal, it has been decided, on the recommendations of the Council, that the applications /documents /forms pertaining to refund claims on account of inverted tax structure and deemed exports shall be filed and processed manually till further orders.
Now we will understand the procedure for online submission of Trust’s Accounts whose annual income is Above Rs. 5000/-
Information on details of shipping bills in cases where exporters who have inadvertently ticked (for No) instead of (for Yes) in Reward column of shipping bills while filing the EDI shipping bills, but have declared the intent in the affirmative (in wordings) in the shipping bill
It is alleged by petitioner that despite the Petitioner having filed the TRAN-1 form on 24.11.2017 and the status after filing being FILED on GSTN Portal, the status of the form online was tampered on the GST portal from FILED to SUBMITTED at the end of GSTN which is an unauthorized, illegal, malafide and criminal act by a Private Limited Company GSTN which is online custodian of GST returns/records of the Union of India and State of Maharashtra having jurisdiction over the Petitioner in matter of assessment of GST.
Central Board of Directors of RBI, to look into the reasons for high divergence observed in asset classification and provisioning by banks vis-à-vis the RBI’s supervisory assessment, and the steps needed to prevent it; factors leading to an increasing incidence of frauds in banks and the measures (including IT interventions) needed to curb and prevent it; and the role and effectiveness of various types of audits conducted in banks in mitigating the incidence of such divergence and frauds.
Eligible collateral: Clearing corporations in IFSC shall be permitted to accept cash and cash equivalents (which shall include major foreign currencies as may be decided by the clearing corporation from time to time, term deposit receipts and bank guarantees issued by bank branches located in IFSC), Indian securities held with foreign depositories, foreign securities including units of liquid mutual funds and gold, as eligible collateral for trades in all product categories. However, cash and cash equivalents shall form at least 50% of the total liquid assets at all times.
PNB looking to monetize assets.- Bank has enough assets to meet any liability which is decided as per law. However, realization of any specific asset would be decided at the time of need with the approval of Board.
