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Questions asked by panel members

Here is the list of questions asked by panel members in Mock interview. This is provided by candidates who attended mock interview in Trichy. What are the questions asked by panel members? Self intro, mechanical questions, why arrears, fiscal policy, rbi related questions, payments Bank, private banks, pm awas Yojana What is the difference between nationalized banks and public sector banks? What is hypothecation, pledge and mortgage? What are the types of ways we can return the money to someone? What is banking regulation act? Self intro What is bank About my education Why banking after your degree How ur degree is useful in banking Neft and rtgs diffrence Crr amd slr rate What is budget Demand and term deposit Deficit What's rbi function What's clean note policy And banking terms explanation And asked about career cap and why I didn't pursue higher education Details about mudra loan You have a long gap after the degree so panel members won't select you. There is only 3...
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GST Council meet December 2022

UNION FINANCE MINISTER CHAIRS 48TH MEETING OF THE GST COUNCIL

The 48th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman via virtual mode in New Delhi on 17.12.2022 which made the following important recommendations;

• The tax rate for husk of pulses including chilka and concentrates reduced to NIL from 5% and the rate for Ethyl alcohol supplied to refineries for blending with motor spirit (petrol) has been reduced to 5% from 18%.



• No GST is payable where the residential dwelling is rented to a registered person if it is rented it in his/her personal capacity for use as his/her own residence and on his own account and not on account of his business.

• Incentive paid to banks by Central Government under the scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and thus not taxable.

• The higher rate of compensation cess of 22% is applicable to SUVs, having engine capacity exceeding 1500 cc, length exceeding 4000 mm and a ground clearance of 170 mm or above.

• Decriminalization under GST: The Council has recommended to raise the minimum threshold of tax amount for launching prosecution under GST from Rs. One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply of goods or services or both, reduce the compounding amount from the present range of 50% to 150% of tax amount to the range of 25% to 100% and to decriminalize certain offences such as obstruction or preventing any officer in discharge of his duties, deliberate tempering of material evidence and failure to supply the information.

• Facilitate e-commerce for micro enterprises: GST Council in its 47th meeting had granted in-principle approval for allowing unregistered suppliers and composition taxpayers to make intra-state supply of goods through E-Commerce Operators (ECOs), subject to certain conditions. The Council approved the amendments in the GST Act and GST Rules, and the scheme may be implemented w.e.f. 01.10.2023.

• Circular to be issued to clarify that No Claim Bonus offered by the insurance companies to the insured is an admissible deduction for valuation of insurance services.

• Proposal made to conduct a pilot in State of Gujarat for Biometric-based Aadhaar authentication and risk-based physical verification of registration applicants. This will help in tackling the menace of fake and fraudulent registrations.

• Section 37, 39, 44 and 52 of CGST Act, 2017 to be amended to restrict filing of returns/ statements to a maximum period of three years from the due date of filing of the relevant return / statement.

(Press Information Bureau) 


Key points 

Decriminalisation

The GST Council has agreed to decriminalise certain offences and doubled the threshold for launching prosecution to Rs 2 crore from the earlier Rs 1 crore. The decision to facilitate trade was taken at the 48th meeting of the GST Council on Saturday.

Tax relief

The GST on husk of pulses was reduced to nil from 5 per cent after the meeting of the GST Council. The GST on ethyl alcohol supplied to refineries for blending with motor spirit (petrol)was reduced from 18 per cent to 5 per cent. Sitharaman further said that no new taxes had been introduced.

Paucity of time

The Council could decide on only 8 out of the 15 agenda items due to paucity of time, Finance Minister Nirmala Sitharaman said, adding the items not considered included one pertaining to setting up of appellate tribunals for GST.

Tobacco and pan masala

The issue of mechanism to curb tax evasion in pan masala and gutkha businesses also could not be taken up, the finance minister informed the media during a press briefing.

GST on online casinos

GST on online gaming and casinos was not discussed as the report of a Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, on the issue submitted its report only a couple of days back. The report was not circulated among the members as well.

Clarifications

It was clarified by the Council that the incentive paid to banks by the government under the scheme for promotion of RuPay Debit Cards and low value BHIM-UPI transactions are in the nature of subsidy and thus not taxable.


Source : Banking Updates & Economic times 


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