Business Wrap: Invoice uploading on GST Network from July 24; Paytm revamps its shopping platform & more
17 July 2017
- Chairman of the GST Network, Navin Kumar has announced that businesses can start uploading their sale and purchase invoices generated post 1 July on the GST Network portal from 24 July. As of now, the portal is facilitating the registration of businesses. A video has also been uploaded on the portal to assist businesses in uploading invoices. Generating invoices for dealings above Rs 200 is mandatory for claiming input tax credit under the GST regime. So far, over 69 lakh people have migrated to the GSTN portal.
- The RBI is likely to put bad loans worth about Rs 8 lakh crore for resolution by March 2019. The move is expected to bring down non-performing assets to acceptable level and will improve the financial health of banks. A study BY ASSOCHAM claims that loans of Rs 10 crore and above make up for 79% of total gross non-performing loans. The study also highlights that iron and steel, infrastructure, agriculture and textiles contributed the most to stressed assets.
- The government is working on a consolidation plan with a view to create 3-4 global-sized banks and reduce the number of state-owned lenders to about 10-12. As per reports, the current 21 Public Sector Banks would get consolidated to just 10-12 in the medium term. As part of a 3-tier structure, there would be at least 3-4 banks of the size of State Bank of India. Last month, finance minister Arun Jaitley had said that government is ‘actively working’ towards consolidation of Public Sector Banks.
- Paytm Mall, which is owned by Paytm E-Commerce Pvt Ltd, has delisted as many as 85,000 of its sellers & has also revamped the on boarding process for them and to ensure quality control. The company has now made it compulsory for sellers to provide brand authorisation letters. The new rule will block fraudulent merchants from signing up and creating a bad customer experience on the platform.
- General Motors Corporation has said that they are testing their car sharing operation, Maven, in Australia through a pilot programme with Uber Technologies Inc. The agreement will allow Uber drivers to rent cars produced by GM’s Australian manufacturer GM Holden. The Maven programme is aimed at helping drivers rent a car on demand for independent gigs. The programme is operational in San Diego and set to be launched in San Francisco and Los Angeles later this year.
By NewsX Bureau | First Published : 17 July 2017 , 10:40 AM