Madhya Pradesh to become a leader in Power Sector reform
Madhya Pradesh has taken a lead in undertaking power sector reforms stipulated by the Department of Expenditure, Ministry of Finance. The State has begun with Direct Benefit Transfer (DBT) of electricity subsidy to farmers in one district of the state from December 2020. Therefore, the State has successfully implemented one out of the three stipulated reforms in the power sector.
Successful implementation of the reform has made the State eligible to mobilize additional financial resources equivalent to 0.15 percent of its Gross State Domestic Product (GSDP).
To read the official notification, click on https://pib.gov.in/PressReleasePage.aspx?PRID=1689996
Monetary penalty of Rs. 2 Crores imposed on Standard Chartered Bank by RBI
On 21st January, 2021, Reserve Bank of India imposed a monetary penalty of Rs. 2 Crore on Standard Chartered Bank India for non-compliance with certain directions issued by RBI mentioned in RBI (Frauds-classification and Reporting by commercial banks and select Financial Institution) Directions 2016.
The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A (1) (C) read with Section 46 (4) (i) of the Banking Regulation Act, 1949, for delays in reporting of frauds to RBI that is revealed during the statutory inspection of the bank with regard to the financial position as on March 31, 2018, and March 31, 2019.
To read the official notification, click on https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=51006
No GST on electricity will be charged on Tenant by Landlord
In the significant ruling of Gujarat Authority for Advance Ruling in the case Gujarat Narmada Valley Fertilizers & Chemicals Ltd Vs. GST AAR Gujarat, it was held that the Landlord does not have to pay GST on electricity or incidental charges recovered from tenants. The electricity charges collected by the applicant are not covered under the provisions of Section 15(2) (c) of CGST Act, 2017 that provides incidental expenses that shall not be included in the value of supply.
To read the official ruling, click on http://gstcouncil.gov.in/sites/default/files/ruling-new/GUJ_AAR_93_2020_17.09.2020_GNVFCL.pdf