Page 11 - Banking Finance September 2024

ROUNDUP

laundering Act allowing the 15 report-
ing entities to conduct Aadhaar-based
KYC (know your customer) process.

The 15 entities also include JM Financial
Services, Arihant Capital Market, SMC
Global Securities, Aditya Birla Money,
R.K. Stock Holding, Monarch Networth
Ò»©­ Capital, RKSV Securities, Comfort Secu-
rities, and OPG Securities Pvt Ltd.

GST mop-up rises 10.3% to
Rs. 1.82 lakh crore in July

GST collections in July rose 10.3 per
cent to over Rs 1.82 lakh crore, mainly
Sebi launches chatbot SEVA for investors driven by domestic transactions in
Markets regulator Sebi launched a chatbot, 'SEVA', an Artificial Intelligence goods and services, according to offi-
(AI) based conversation platform, for investors. cial data released. This is the third-high-
est-ever monthly collection recorded
The Beta version of chatbot SEVA (Sebi's Virtual Assistant) includes features
like citations for generated responses, speech-to-text and text-to-speech since the indirect tax regime was
functionality for accessibility, and follow-up questions, among others, the rolled out 7 years ago on July 1, 2017.
regulator said in a statement. According to the data, total refunds
stood at Rs 16,283 crore in July. The net
The chatbot is presently enabled to answer questions relating to general
information on the securities market, latest master circulars, grievance Goods and Services Tax (GST) collec-
tion after adjusting refunds was over
redressal process, etc. The beta version is available on SEBI's investor
website and SAARTHI mobile app. Rs 1.66 lakh crore, a growth of 14.4
per cent.
The Gross GST revenue stood at Rs
Govt mopped up Rs. with gains of up to Rs 1 lakh annually
being exempted. 1,82,075 crore, which includes Central
98,681 crore in FY23 from GST of Rs 32,386 crore, State GST of
The Budget for 2024-25, announced Rs 40,289 crore, and Integrated GST
LTCG tax on July 23, hiked LTCG tax on equities of Rs 96,447 crore. The compensation
The government has garnered and equity oriented mutual funds to cess mop-up was Rs 12,953 crore.
Rs 98,681 crore from long term 12.5 per cent, from 10 per cent.
capital gains tax on listed equities in 7.3 million mobile connec-
2022-23, a 15 per cent growth over the 15 securities firms get nod
previous year, Parliament was in- tions snapped on re-verifi-
formed. for Aadhaar authentica- cation
Minister of State for Finance Pankaj tion As many as 7.3 million mobile connec-
Chaudhary gave details of collections The finance ministry has permitted 15 tions, obtained on fake identity or ad-
from Long Term Capital Gains (LTCG) securities firms, including SBICAP Secu- dress documents, have been discon-
tax between fiscal 2018-19 and 2022- rities, IIFL Securities, and Angel One, nected by telecom operators, the de-
23 in the Rajya Sabha. to conduct Aadhaar authentication of partment of telecommunications (DoT)
their customers. told.
The long term capital gains on equities
and units of equity oriented mutual The Revenue Department under the The department has developed a sys-
funds were brought in from April 2018. finance ministry has issued a notifica- tem to detect fraudulent mobile con-
Such gains were taxed at 10 per cent, tion under the Prevention of Money- nections taken on fake proof of iden-

10 | 2024 | SEPTEMBER | BANKING FINANCE