Page 19 - Banking Finance April 2023

ROUNDUP

not only as skilled labourers but also as property services provider. He further will be brought under the purview of
successful entrepreneurs. stated that there is a huge demand for the Liberalised Remittance Scheme
content-techsolutions produced from (LRS) of the Reserve Bank, to ensure
Over 1,000 women are associated with
India for the world as well as within the that such expenses do not escape TCS
"Dannex" or Dantewada Next, the
local market as well. (Tax Collection at Source). While mov-
unit engaged in manufacturing
ing the Finance Bill 2023 for consider-
readymade garments. "There is an entire industry emerging
ation and passage in the Lok Sabha,
that will train AI algorithms to capture
They come from interior villages of the
Finance Minister Nirmala Sitharaman
data,use and store it safely and ethi-
district that were cut off from the
said the Reserve Bank has been asked
cally. We see generative AI as just an-
mainstream of the society because of
other source of content, which our cli- to look into ways to bring credit card
Maoist violence.
payments on foreign tours under the
ents and our consumers are going to
A senior official associated with the LRS.
have to kind of trust, and be dealt with
project said the traditional practice of
in different ways," said El-Mokadem.
providing employment to women
RWS finds increasing requests for ac- GST appellate tribunal to
meant recruiting them by imparting
cess to local markets. Coco-Cola, be formed
knowledge of a specific technical skill.
Nielsen and Jaguar Land Rover are
But the Chhattisgarh government has Lok Sabha cleared changes in the Fi-
among the large clients serviced by
come with an innovative approach and nance Bill to pave the way for setting
the company globally. up of an appellate tribunal for resolu-
established industries not just to pro-
tion of disputes under GST.
vide employment to women, but also
TDS on online gaming to
to hand over the entire management Currently, taxpayers are filing writ pe-
to them. be applicable from April 1 titions before high courts in the ab-
sence of the appellate tribunal.
With this vision, the brand Dantewada The tax deducted at source (TDS) on
Next or "Dannex" was started. online gaming applications will now be As per the amendments proposed in
effective from April 1, 2023 as opposed the Finance Bill 2023, which was
On January 31, 2021, the first unit of
to an earlier proposed date of July 1, passed by Lok Sabha benches of the
Dannex was inaugurated by chief min-
2023, according to amendments made GST Appellate Tribunal would be set up
ister Bhupesh Baghel at Haaram vil-
to the Finance Bill, 2023 which was in every state while there will be a
lage under Gidam development block
passed in Parliament. principal bench in Delhi which will hear
in Dantewada district. After Haaram,
appeals related to 'place of supply'.
now a total of five units of Dannex The gaming industry had earlier called
have been established in Katekalyan, for making the change. Shashi Even after more than five years of
Chhindnar, Barsur, and Kaarli in the Mathews, Partner, IndusLaw said, "The implementation of the Goods and Ser-
same district. TDS on the online gaming was also vices Tax (GST), the appellate tribunal
proposed to be deducted at the double has not been set up. As a result, unre-
rate, in case of non-compliance in re- solved legal matters under GST have
AI training solutions will
turn filing by the concerned deductee, accumulated.
drive demand for tech tal- where the TDS amount in the past
Nangia Andersen India's Tanushree
ent: RWS year was more than Rs 50,000. It ap- Roy, Director- Indirect Tax, said estab-
pears that these amendments have
AI training solutions for industry and lishment of the appellate tribunal
now been accepted. This may require
enterprise-specific use cases will drive would result in lower burden on high
gaming operators to seek an undertak-
talent demand with the growing preva- courts, Supreme Court and at the same
ing and proof from the users, to ensure
lence of generative AI solutions even time, would also provide taxpayers the
proper compliance with this provision".
as globaltech companies slow down much needed reprieve.
hiring, Ian El-Mokadem, CEO, RWS "This is certainly a welcome and a posi-
Credit card use for travel
Group, told.
tive move, ending the industry's long
RWS Group is a technology-enabled abroad under LRS ambit wait for establishment of the GST Ap-
language, content and intellectual Credit card payments for foreign travel pellate Tribunal," Roy said.
BANKING FINANCE | APRIL | 2023 | 17