SVKM’S NMIMS Student Activity Payment Rules

At the beginning of the Academic year the School’s Student Council [SC] should prepare
a budget for all student activities. This should be drawn in consultation with Respective
Faculty Incharge/Previous Student council members.

The Budget summary should briefly state Eventwise amounts of:

 Inflow through Sponsorship contribution
 Outflow
 Contribution from NMIMS
This would have to be approved by the Schools’ Dean and Campus Director [for other
than Mumbai campus]. The Dean/Director will forward it to the VC Office for
OB/Managing Committee approval. Detailed budget of each event should be available
with the students and can be produced to authorities if required.

NMIMS Contribution will be released and payments done only after the actual
Sponsorship/Revenue is received.

INCOMING FUNDS THROUGH SPONSORSHIP

1. Raising of Invoice:
Sponsorship is a taxable supply under GST Act. GST applicability and % varies as per the
tax status of the sponsor. Hence, it is strongly recommended that sponsorship is
accepted against our Sponsorship TAX Invoice. A Sponsorship Invoice will be generated
by Accounts Team.

SC should provide to the Accounts Department following details/documents to raise a

Sponsorship Invoice before asking for the funds to be transferred in NMIMS Account :
1. Name
2. PAN card copy
3. GST Regn no. if available, if not available a declaration stating so
4. Complete address along with State, PIN code
5. Sponsorship amount – the amount sponsorer has agreed to transfer to our bank
account

In case the sponsorship is being received from any GST Registered Company/Partnership
Firm, the GST will have to be paid by them. Other than these entities, the GST amount
will be deducted from the sponsorship amount received. The balance funds only will be
used for the Event/Activity.

2. Receipt of Funds
While making the online transfer of the amount the sponsorer is required to mention
our Invoice No and Invoice date in reference.

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Sponsorship amount to be received only by way of RTGS/NEFT/on line transfer to bank

account of SVKM’S NMIMS. Provide these details to the sponsorer once Invoice is
raised.
Name of A/c Holder : SVKM’S NMIMS
NEFT IFSC code: KKBK0000661
BANK NAME & ADDRESS KOTAK MAHINDRA BANK
JUHU VILE PARLE WEST,
Account No. 2311578254
Type of Account: Current
MICR Code: 400485022
NOTE : AFTER RTGS PAYMENT KINDLY SUBMIT BANK ACKNOWLEDGEMENT
COPY TO ACCOUNTS COUNTER OR EMAIL TO accountant@nmims.edu

No cash/ cheque /DD to be accepted.

In a rare case, where Sponsorer requests a Proforma Invoice before payment of

sponsorship, SC must provide weekly updates to Accounts Department. Funds would be
made available to SC only after funds are credited to our bank account and TAX Invoice
is issued.

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EXPENDITURE

Before sending the Bills to Accounts Department for payment, the same should be
thoroughly validated and checked by the Faculty in Charge and approved by Director /
Dean..

Many expenses especially expenses towards services attract TDS.

NMIMS has registered (in SAP) Vendors for many items / services including Stationery, T
shirts, trophies, food etc. Students should preferably deal with such registered Vendors.
This will help relatively faster payment to vendor and better TDS compliance.
Students are discouraged to make direct payments to Vendors, especially to registered
vendors.

In case the Vendor is not registered and the bill amount exceeds Rs.20,000/-,first step
would be to get the Vendor registered in SAP. SC has to provide details / documents listed
in Annexure A to Accounts Team for this registration process.

If the payment (including advance payment) attracts TDS and the Student has directly made
payment to Vendor, TDS will be recovered from the student / student budget.

GST Tax Invoice of all expenses should be obtained wherever applicable. Share the GST
Number of NMIMS i.e. 27AABTS8228H1Z8 with the vendor to enable them to mention on
the Invoice.

Check for compliances for mandatory fields of GST Tax Invoice [Refer Annexure B]

Other Important Points:-

1. No ‘Estimate Memo’ or ‘Approval Copy’ or ‘Proforma Invoice’ will do. Only if vendor is to
be paid in advance the Proforma Invoice will be accepted, but the amount will be treated
as Advance to Student. In this case Final Invoice should be submitted once the event is
over to settle the advance.

2. Advance requisition should be given to A/c department at least 4 working days prior to the
requirement.

3. No cash payment would be made to any supplier/student by way of Reimbursement. The

mode of payment would be RTGS/ online transfer.

4. For Prize Money distribution, SC has to provide Accounts Department duly approved list
detailing names, bank account details along with cancelled cheque copy. Refer Annexure C
for format.

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5. For submission of bills for settlement of advance or otherwise, Statement of

Expense/Advance settlement refer Annexure D for format. The bills/cash memo to be
arranged sequentially in order as mentioned in this statement and Sr No. of the same
to be written on the Bills/Cash memo also.

6. Please note only original challan should be attached along with the Bills.

7. SC should maintain updated Statement of Actuals ( inflow as well as outflow) as compared

to approved Budget and get it periodically cross tallied with Accounts Department

ANNEXURE A:

ANNEXURE B:

ANNEXURE C: REQUISITION FORMAT FOR PRIZE MONEY DISTRIBUTION

ANNEXURE D: REQUISITON FORMAT FOR VENDOR PAYMENT/REIMBURSEMENT TO

STUDENT FOR EXPENSES INCURRED BY THEM.

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SVKM’S NMIMS Student Activity Payment Rules