Page 14 - Banking Finance June 2024

ROUNDUP

crecy to Justice (Retd.) Sanjaya Kumar remittances from its diaspora: the fig- economic, social, and environmental
Mishra as the President of the GST ure crossed $110 billion in 2022. benefits," the paper reads.
Appellate Tribunal (GSTAT), in New
According to the World Migration Re- After research comes agriculture ex-
Delhi," an official statement said.
port, 2024, released in Dhaka by the tension activities, which give the sec-
UN's International Organisation for ond-best return on investment at Rs.
Google will not claim own- Migration, India, Mexico and China 7.40 for every rupee invested.
ership of AI content were the top three remittance recipi-
ent countries in 2022, followed by the CBDT extends deadline for
In a move that could significantly im-
pact the discourse around ownership of Philippines, France and Pakistan. charitable trusts' registra-
the AI-generated content, digital tech- India received $111 billion in all, the tion till June 30
nologies company Google has said that first country to reach and even surpass
it will not claim ownership over the the $100-billion mark. In 2020, it had The income tax department extended
original content generated by its AI- received $83 billion. Mexico, with in- the deadline for charitable and reli-
power services. ward remittances of $61 billion, was gious trusts to furnish registration ap-
the second-largest recipient; in the plication with tax authorities till June
This means that the users who ask 30. The Central Board of Direct Taxes
previous year it had replaced China to
queries on Google's Generative AI plat- (CBDT) had earlier extended the due
forms can use the content as their occupy the second spot and continued date for filing Form 10A, Form 10AB by
own. Google would not claim any own- to hold sway. trusts, institutions and funds multiple
ership on the output, clearing the air times and the last such extension was
of who owns the copyright on such AI- Every rupee invested in till September 30, 2023.

generate content.
agri research yields Rs. "Considering the representations re-
It also expected the users not to in- 13.85 ceived by CBDT requesting for further
dulge in phishing, creating fake ac- extension of due date for filing of such
counts or content and spreading fake As investment in agriculture research forms beyond the last extended date
reviews, misleading others into think- decelerated between 2011 and 2022, of September 30, 2023, and with a
ing that generative AI content was a recent working paper has revealed view to avoid genuine hardships to tax-
created by a human providing services that every rupee invested in agricul- payers, CBDT has extended the due
that appear to originate from you (or tural research yields a return of nearly date of filing Form 10A/Form 10AB up
someone else) when they actually Rs 13.85, surpassing returns from all to June 30, 2024," the CBDT said in a
originate from Google. other activities linked to farming. statement.

While OpenAI (the makers of ChatGPT) The working paper was published by Form 10A is an application form filed
too said the users can use the content, the National Institute of Agriculture by trusts/institutions who wish to get
it expected the users to give credit to Economics and Policy Research (NIAP), themselves registered for income tax
them. an entity operating under the Indian exemption. Form 10 AB is filed by
Council of Agriculture Research (ICAR), trusts/institutions to renew their per-
Indians abroad sent bank last month. manent registration.

$111bn in remittances in "Looking towards the growing demand CBDT further clarified that if any such
for food and other agricultural prod- existing trust, institution or fund had
'22 ucts and the future challenges to their failed to file Form 10A for AY 2022-23

India is the origin of the largest num- production amidst little scope for ex- within the extended due date, and
ber of international migrants - nearly pansion of agricultural land, it is im- subsequently, applied for provisional
18 million, with large diasporas in UAE, perative to invest more in agricultural registration as a new entity and re-
US and Saudi Arabia. And it continues R&D and prioritise it across disciplines ceived Form 10AC, can also avail of this
its march as the top country receiving or subsectors and regions to maximise opportunity to surrender the said Form

BANKING FINANCE | JUNE | 2024 | 13