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Mint
2 days ago
- Business
- Mint
GST mop-up: The signals for India's economy & taxes
Goods and services tax (GST) collections are buoyant, exceeding ₹2 trillion in the past two months. Mint looks at what they indicate about the state of the economy. Is it time to go ahead with the overdue rationalization of GST rates? Also Read | Who is liable if a friendly chatbot 'abets' suicide? How good are the GST collections? In April, gross GST collection was at a record high of ₹2.36 trillion. It reflected the transactions in the month of March, which, being the last month of the fiscal, saw firms pushing sales to achieve their annual targets. Not many expected similar numbers in May as transactions in April typically suffer from the 'hangover effect' of strong March sales. But the May collection came at ₹2.01 trillion. If one normalized March collection of ₹1.96 trillion, which pertains to a 28-day February, GST revenues have exceeded ₹2 trillion for three straight months. In the six months preceding that, GST collections topped ₹1.75 trillion on average. Also Read | YouTubers vs ANI: Fair-use in the spotlight What do the buoyant GST numbers indicate? GST is the most accurate and broad-based barometer to measure domestic consumption in the economy. GST collections from domestic transactions have been rising. They grew 8.4% in December, 10.7% in April and 13.7% in May—further evidence of the fact that consumption in the economy is improving. Other indicators have suggested that rural demand, which had been subdued since the pandemic, has revived thanks to good monsoons and better crop realizations. Urban demand is also showing signs of revival as lower inflation and tax breaks have left more cash in the hands of people. What is the near-term outlook? Experts refrain from hazarding a guess as GST collection depends on how the economy is doing. But recent trends indicate a steady increase. In 2023-24, GST collections typically averaged around ₹1.4 trillion. Last year it was at ₹1.8 trillion levels. Given this, experts do not rule out ₹2 trillion per month as the new normal in the fiscal year 2025-26. Also Read | Dr AI is here, but will the human touch go away? The GST on imports is rising, is it a worry? It is unclear. GST on imports shot up 20.8% in April and 25.2% in May. This indicates a surge in imports. But the nature of imports is unclear—final products meant for domestic consumption or intermediary products for processing and re-export? The government does not share sectoral GST data. With the US imposing high tariffs on China, dumping of Chinese goods is a concern. At the same time, tariffs give India a competitive advantage. Surge in imports could be to meet higher export demand. Is it time for GST rate rationalization? Yes. The government has always maintained that the GST Council would initiate the simplification of the GST rate structure once the indirect tax stabilizes. Now that it has, the government should cut down the multiple rates that complicates the tax. Experts see the possibility of two changes. The 12% tariff rate, which accounts for less than 4% of GST revenue, could be ended and the compensation cess, levied on tobacco and auto sales, could end as of March 2026 or continue under a new name such as health cess or a green cess.
Mint
3 days ago
- Entertainment
- Mint
Who is liable if a friendly chatbot ‘abets' suicide?
A US judge has admitted a case against American firm over charges that its chatbot drove a teenager to suicide. The ruling will be closely watched for its potential to establish developer and corporate liability for 'friendly" but 'addictive" chatbots. Also Read | YouTubers vs ANI: Fair-use in the spotlight What's this case all about? In May, a US judge allowed a wrongful death lawsuit against and Google to proceed, rejecting claims that chatbot conversations were protected by the First Amendment, which guarantees free speech but not when it causes harm. The judge noted that the companies 'fail to articulate why words strung together by an LLM (large language model) are speech". The judge added that the chatbot could be considered a 'product" under liability law. and Google must respond by 10 June. Google was made party as it has licensing rights to the startup's technology. Also Read | Dr AI is here, but will the human touch go away? Why exactly is this app being sued? allows users to interact with life-like AI 'characters", including fictional and celebrity personas that mimic human traits like stuttering. On 14 April 2023, 14-year-old Sewell Setzer III began using the app, mainly engaging with Game of Thrones bots like Daenerys and Rhaenyra Targaryen. He became obsessed, expressing his love for Daenerys. He withdrew socially, quit basketball, and upgraded to the premium version. A therapist diagnosed him with anxiety and mood disorder, unaware of his chatbot use. On 28 February 2024, days after his phone was confiscated, he died by suicide. Also Read | Can dissenters aid shareholder democracy? Is this the first legal suit against an AI chatbot? In March 2023, a Belgian man died by suicide after prolonged conversations with an AI chatbot named Eliza on the Chai AI app, but no case was filed. The National Eating Disorders Association also shut down its chatbot after it began offering harmful weight loss advice. Separately, tech ethics groups have filed a complaint against an AI companion app, Replika. Don't AI chatbots help users cope with stress? AI chatbots are being increasingly used as mental health tools, with apps like Wysa (India), Woebot, Replika and Youper offering support based on cognitive behavioral therapy (CBT). These bots aid in mood tracking and coping, and include disclaimers that they are not substitutes for professional care. Yet, as experts note, bots can fake intimacy but don't have real feelings. Although users value their availability and human-like interactions, this can foster over-attachment and blur reality. Are there regulatory safeguards? claims that its language model version for users under 18 aims to reduce exposure to sensitive or suggestive content. The EU's AI Act classifies certain AI systems as 'high risk" when used in sensitive areas like mental health. China enforces platform accountability for AI-generated content. The US and India rely on case law and product liability, but have no regulator. As AI becomes more autonomous and mental health bots avoid oversight by using disclaimers, new legal frameworks will be essential.
