RBI issued guidelines for the opening of multiple operating accounts by borrowers, both current accounts, as well as cash credit (CC)/overdraft (OD), accounts to curb diversion of funds and fraud with banks. By these guidelines, banks will be having complete information of the banking exposure of thRead more
RBI issued guidelines for the opening of multiple operating accounts by borrowers, both current accounts, as well as cash credit (CC)/overdraft (OD), accounts to curb diversion of funds and fraud with banks. By these guidelines, banks will be having complete information of the banking exposure of the clients and can easily access their potential and credit limit for further credit. It will not only strengthen their banking system but also will reduce the chances of NPA and bad loans. However, Now banks have to create such infrastructure to implement these guidelines.
These Guidelines are as under:
- Borrowers who have availed credit facilities: no bank can open current accounts for customers who have availed of credit facilities from the banking system. All transactions should be routed through the CC/OD account.
- Borrowers who have not availed of CC/OD facility from any bank: if a bank has less than 10 % of the borrower’s credit exposure, then debits to the CC/OD account can only be for credit to the CC/OD account with a bank that has 10 % or more of the credit exposure. By this restriction on debits from smaller accounts, the RBI intends to check the diversion of funds and keep the banking activity within the key consortium lenders to the borrowers.
- Borrowers who have not availed of CC/OD facility from any bank: For these customers, banks may open current accounts if the banking exposure of this customer is less than Rs 50 crore. Here, current accounts of borrowers can only be opened/maintained by the escrow managing bank.
For details guidelines, the following link can be referred to: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12137&Mode=0
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Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder- Type of statement- Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax crRead more
Even though both the Form GSTR-2A and GSTR-2B reflects similar details, both the forms are different in various ways. The difference between both the forms is summarized hereunder-
Form GSTR-2A is a form of a dynamic statement. The details of inward supplies vis-à-vis input tax credit will be updated on a continuous basis.
On the other hand, Form GSTR-2B is a form of a static statement. The details will be updated on a constant basis.
In the case of Form GSTR-2A, the details of the inward supplies will be reflected in the statement on a real-time basis.
In order words, the details will be updated as and when the supplier furnishes the details of outward supplies either in Form GSTR-1 or via using Invoice Furnishing Facility (i.e. IFF).
For example, the registered person while filing Form GSTR-1 for the month of January 2021 has failed to declare some supplies. The missed supplies were reflected by the registered person while filing Form GSTR-1 for the month of February 2021. Correspondingly, the details of such missed supplies will be reflected in Form GSTR-2A in the month of February 2021.
However, in the case of Form GSTR-2B, the details of inward supplies will be reflected in a static manner. It will reflect the details of outward supplies reflected by the supplier between two due dates of either Form GSTR-1 or Invoice Furnishing Facility.
For example, suppose the registered person furnishes the details of outward supplies for the month of January 2021 after the due date. In such a case, the corresponding details of inward supplies and the input tax credit will not be reflected in Form GSTR-2B in the month of January 2021.
Form GSTR-2A doesn’t provide bifurcation of eligible input tax credit and ineligible input tax credit. Whereas, Form GSTR-2B briefly bifurcates the eligible and ineligible input tax credit.
Form GSTR-2A collects/ complies data on the basis of returns filed by the supplier in Form GSTR-1; Form GSTR-5; Form GSTR-6; Form GSTR-7 and Form GSTR-8.
Whereas, Form GSTR-2B complies data from Form GSTR-1; Form GSTR-5 and Form GSTR-6 filed by the supplier.
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