Page 16 - Banking Finance June 2024

ROUNDUP

a 'Research Analyst Administration and The system was to come into e›ect on generated between 2014 and 2024
Supervisory Body' (RAASB) and 'Invest- April 1 but was deferred to May 15. during the Modi government regime.
ment Advisers Administration and Su-
"The facility to register the machines A man-year or person-year is a unit of
pervisory Body' (IAASB). is made available on the GST Portal in measurement for the amount of work
A circular and a notification on these form GST SRM-I. All taxpayers dealing done by an individual throughout the
regulations are yet to be issued. The in the items may use the facility to file entire year expressed in hours.
new norms will kick-in only after the information about machines. Form GST The report titled, Employment Gen-
changes have been notified. SRM-II will be made available shortly," erative Impact of ModiNomics: The
While enforcement action and penal a communication said. Paradigm Shifts, is based on 80 case
action will still be issued by the mar- The Finance Act 2024 amended the studies covering borrowers who took
kets regulator, with the new enabling GST law to say manufacturers of pan multiple loans and data of various gov-
provisions, the delegated stock ex- masala, gutka and tobacco products ernment schemes..
change may issue warnings or refer a will have to pay a penalty of up to ?1 "Over a period between 2014-24, a
matter for enforcement action. lakh, if they fail to register their pack- total of 51.40 crore employment has
ing machinery with the GST authori- been generated. Out of which 19.79
"The other non-core or incidental func-
tions as may be specified by Sebi shall ties. Meanwhile, the penalty provision crore employment has been generated
be performed concurrently by Sebi and has not been notified. by governance-led interventions. The
rest, 31.61 crore, has been contrib-
RAASB. Sebi shall monitor RAASB
through periodical reports and inspec- ITC chief Puri takes over as uted by credit-led interventions," a
release said.
tion regarding activities of RAs," said CII president
the document. SKOCH Group is India's think tank deal-
Sanjiv Puri, chairman and managing ing with socio-economic issues, focus-
director of ITC has assumed office as ing on inclusive growth since 1997.
GST portal rolls out forms the president of industry lobby group
for pan masala, tobacco CII for 2024-25. He takes over from R The current study also finds that micro-
loans are being used to generate em-
Dinesh, chairman of TVS Supply Chain
makers to register their ployment that is steady and stable, it
Solutions. Puri heads ITC, a conglom- stated.
machines erate with businesses in FMCG, hotels,
To check evasion, the GST portal has paperboards & packaging, agri busi- "We have documented 80 case studies
from our field visits covering borrow-
developed a form for manufacturers of ness and IT. Rajiv Memani takes over ers who have taken multiple loans and
pan masala and tobacco to register as president-designate of CII for 2024- the average direct employment per
their machines and inform about the 25.
loan amount stands at 6.6 jobs," said
disposal of the machines. Another form He is chairman of the India region of author of the report Sameer Kochhar,
will soon be notified to give informa- EY (Ernst & Young), a leading global Chairman, SKOCH Group.
tion on monthly inputs and outputs. professional services organisation. R
Upon GST Council's recommendation, Mukundan takes over as vice presi- Join
the Government issued a notification dent. Mukundan is MD & CEO of Tata
in January seeking information from Chemicals. Online Certificate
taxpayers dealing in goods such as pan Course on
masala and tobacco, and two forms - 51.40 crore person-years
GST SRM-I and GST SRM-II were noti- employment generated Motor Insurance
fied alongside. The former pertains to
the registration and disposal of ma- during 2014-24
For details please visit
chines, while the latter asks for infor- A SKOCH report claimed that 51.40 www.smartonlinecourse.co.in
mation on monthly inputs and outputs. crore person years of employment was

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