Page 13 - Banking Finance January 2024

ROUNDUP

real-time, and suggest the next course cluding Rs 1,036 crore collected on class - which lies between mutual funds
of action. This was the product of ex- import of goods)," the ministry stated and portfolio management services
tensive collaborative efforts by teams in a statement. (PMS) - and the new product can ca-
across Google, including at Google However, the November 2023 receipts ter to high-risk investors, its chief
Research. are less than the Rs 1.72 lakh crore Madhabi Puri Buch said.
collected in October, which was the The Sebi chief said there is a spectrum
Fraudulent GST invoice second-highest amount since the intro- of asset classes for investors. Of these,
scam worth Rs. 4,716 crore duction of the GST. "mutual funds are the highly retail in-
According to the ministry, November vestors, then you have in between a
unearthed
2023's revenues are 15% more than PMS and then you have AIF (alterna-
Four significant operators have been the GST revenues from the same tive investment fund) for private eq-
arrested by the West Bengal Director- month the previous year and the high- uity".
ate of Commercial Taxes (State GST) est month-over-month during 2023- "We feel there is room for an addi-
after they discovered extensive GST 24, up till November 2023. tional asset class somewhere between
invoice rackets valued at Rs 4,716 mutual funds and PMS... Sebi is look-
crore.
Google launches Gemini to ing into a whole new asset class," Buch
Sudeshna Mukhopadhyay, Additional said.
Commissioner, claims that these two take on OpenAl
rackets generate a combined total Google took its next leap in artificial
revenue of Rs 4,716 crore. According intelligence with the launch of project Demat Securities made
to a thorough investigation conducted Gemini, an AI model trained to behave must for big unlisted Pvt.
since February, four operators set up in human-like ways that is likely to in- Company
a network of 178 fictitious businesses tensify the debate about the
in West Bengal and issued false invoices technology's potential promise and The Ministry of Corporate Affairs
in order to avoid paying Rs 801 crore perils. (MCA) has made it mandatory for large
in taxes to the government, according unlisted private companies, including
The rollout will unfold in phases, with
to a statement from Mukhopadhyay. unicorns, to issue securities only in
less sophisticated versions of Gemini
dematerialised forms and given them
called "Nano" and "Pro" being imme-
November sees a 15% in- diately incorporated into Google's AI- time up to end-September 2024 to
comply with the rule.
crease in GST receipts powered chatbot Bard and its Pixel 8
Pro smartphone. Similarly, listed firms--which had issued
Due to increased domestic activity and share warrants before the Companies
festive season purchases, November's With Gemini providing a helping hand,
GST collections surged by 15% to Google promises Bard will become Act, 2013, came into being-will have to
inform the Registrar of Companies
around Rs 1.68 lakh crore, according more intuitive and better at tasks that
about details of such warrants in three
to the finance ministry. In November involve planning. On the Pixel 8 Pro,
2022, the mop-up of Goods and Ser- Gemini will be able to quickly months from October 28, according to
an MCA notification. The bearers will
vices Tax (GST) exceeded Rs 1.45 lakh summarise recordings made on the
crore. device and provide automatic replies have to surrender such warrants to the
company and get the shares
"The gross GST revenue collected in the on messaging services, starting with dematerialised in their accounts within
month of November 2023 is Rs WhatsApp, according to Google.
six months.
1,67,929 crore, out of which CGST is Rs
30,420 crore, SGST is Rs 38,226 crore, SEBI may create new asset A share warrant usually grants the
IGST is Rs 87,009 crore (including Rs bearer a right to buy a company's stock
39,198 crore collected on import of class at a certain price and at a specific
goods) and cess is Rs 12,274 crore (in- Sebi is looking to create a new asset date.

12 | 2024 | JANUARY | BANKING FINANCE