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VAT - If notice for completing assessment issued within limitation, then assessment order is within time even if passed beyond period of three years: HCGST - Cancellation of registration of GST has cascading effect on all other businessman who are receiving the goods from the registered person - Delay in filing appeal is condoned as petitioner has already made pre-deposit: HCGST - Impugned order was not reflecting under the tab 'view notices and orders' - Consequently, petitioner being unaware of the same could not contest validity within limitation period - Order set aside: HCGST - Respondents are well within their rights to levy GST on the royalty paid by the mineral concession holder for any mining concession granted by the State: HCDRI canon - Sleuths in SnagACC appoints two new Members for CBICJharkhand Assembly polls – voting underway for 43 seatsIndia-Russia discuss cooperation in Pulses tradeMHA tells House Panel that only 38 civilians lost their lives in North-East in 2023; skips mention of ManipurBoost for Make in India - Integrated Manufacturing Cluster coming up at GayaBangladesh seeks help for Interpol for arresting ousted PM HasinaNFRA recomments revising SCQ1, SQM1 & SQM2 standardsElon Musk, Vivek Ramaswamy to run new Department of Government Efficiency in USAPFRDA invites bid for System Integrator for PFRDA Connect websiteTaliban appoints Ikramuddin Kamil as Acting Consul at MumbaiWith 11% growth, PSBs perform well in 1st half of FY 2024-25CBIC notifies Customs Tariff rates for Gold, Silver and crude oilCBDT notifies PNG Regulatory Board under Section 10(46A)(a) of I-T ActCBIC notifies ICD at Jajpur, OdishaI-T - Non-addition of any income on account of same being interest commensurate with TDS deposits, or making further enquiries would not confer PCIT with jurisdiction to pass an order u/s 263 : HCI-T - If there is settlement arrived at between members of Hindu undivided family, then cost with reference to acquisition of property would have to be assessed as per Sec 49(1)(i): HCI-T - Joint venture undertaking which was awarded a contract for full-fledged development of Airport, can be said to be 'developer' eligible for deduction u/s 80-IA(4): HCI-T - If tax is deductible at source, then assessee shall not be called upon to pay tax himself to extent to which tax has been deducted from that income: HCI-T - Revenue authorities are not justified in continuing retention of books of accounts and other documents contrary to provision of Sec 132(8): HCI-T- Power of revision is unwarrantedly exercised where it is based on incorrect assumption of facts: ITATST - Software imported and sold by the Appellant is import and sale of goods and is not exigible to service tax: CESTATST - Once Appellant had paid VAT on the sale of goods, service tax cannot be demanded on such sale of goods: CESTATST - Burden of proving that assessee suppressed facts with intent to evade payment of Service Tax is clearly upon the Department; is necessary for the Department to illustrate any positive act of suppression on assessee's part: CESTATCus - Where imported motor vehicle is registered & certified for compliance with Central Motor Vehicle Rules , then separate EC Type Approval Certificate under Import Licensing Note to Chapter 87 of Customs Tariff Act 1985, is not needed: CESTATCus - Substantial benefit of tax exemption cannot be denied based on procedural lapse alone; confiscation of imported vehicle is not tenable where no mis-declaration of description or classification or quantity, is involved: CESTAT
 
With 11% growth, PSBs perform well in 1st half of FY 2024-25

By TIOL News Service

NEW DELHI, NOV 13, 2024: UNDER the leadership of the Prime Minister, Mr. Narendra Modi, and the guidance of the Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, major banking reforms like Implementation of Enhance Access and Service Excellence (EASE), enactment of Insolvency and Bankruptcy Code (IBC), putting in place a robust Governance Framework, setting up of National Asset Reconstruction Company Ltd. (NARCL), amalgamation of PSBs among others., were undertaken in last few years.

The review meetings chaired by the Union Finance Minister facilitated deliberations on a range of current and emerging issues with the Chief Executives of PSBs. The reforms and regular monitoring have addressed many concerns and challenges, and resulted in setting-up enhanced systems and processes for credit discipline, recognition and resolution of stressed assets, responsible lending, improved governance, financial inclusion initiatives, technology adoption etc.  These measures have led to a sustained financial health and robustness of banking sector as a whole which is reflected in the current performance of the PSBs as following:

- The aggregate business stood at Rs. 236.04 lakh crore (11% YoY growth).

- Global credit and deposit portfolio grew by 12.9% and 9.5% YoY, and stood at Rs. 102.29 lakh crore and Rs. 133.75 lakh crore respectively.

- The Operating and Net Profit for H1FY25 was Rs. 1,50,023 crore (14.4% YoY growth) and Rs.85,520 crore (25.6% YoY growth).

- The Gross and Net NPA stood at 3.12% and 0.63% as on Sep-24 (Gross and Net NPA declined by 108 bps and 34 bps respectively YoY).

- The Capital to RWA assets ratio (CRAR) stood at 15.43% in Sep-24 against regulatory requirement of 11.5%.

- PSBs have also shown significant progress in adopting new age technologies like AI/ cloud/ Blockchain etc., upgradation of existing digital infrastructure, putting in place necessary systems/ controls to tackle cyber security risks and taking multiple steps to provide best-in-class customer services.


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