Mr Rohit Vaswani
Bhartiya Vitta Salahkar Samiti (BVSS)
Mr Rohit Vaswani has over 25 years of experience of handling matters related to Indirect Taxes including GST, Excise, Service Tax & VAT including GST implementation, consultancy, legal opinions, GST due diligence, GST system development, search and seizure, investigations, show cause notices, appeals, advance rulings and other related services. He is on the Advisory Board of Bhartitya Vista Sahalhar Samiti (BVSS), a leading think tank of Indian finance professionals. He is a qualified ‘Mediator’ under Delhi Dispute Resolution Society (DDRS), Government of NCT of Delhi since more than a decade and working as Mediator with Telecom Disputes Settlement and Appellate Tribunal (TDSAT).
Mr Rohit Vaswani at the Defining Responsibility Framework, an India 2047 - Centre of Excellence Workshop
Mr Rohit Vaswani
Bhartiya Vitta Salahkar Samiti (BVSS)
Key Points
- Responsibility should not be seen as liability but as a form of self-regulation, particularly in digital services.
- Understanding the impact of digital services on society is important. This analysis should inform regulations and self-regulatory measures to ensure digital services contribute positively to these areas.
- Approach to regulation and self-regulation in the digital services sector is to be maintained.
- Responsible behaviour from corporations, including those involved in gaming, can help prevent digital services from becoming harmful or "evil."
- A holistic approach involves setting up cohesive and inclusive task forces to address these different aspects comprehensively.
- There is a possibility of implementing stricter regulations for minors aged 8 to 18, particularly about digital services such as gaming. This could involve age restrictions or other measures to protect young users from potential harm.
- A willingness to consider alternative approaches to digital consumption, particularly for vulnerable populations like children.
Recommendations
Proactive Initiatives
- Various sectors, including digital lending, have taken proactive steps in self-regulation and discussed extensively, such as corporate digital responsibility being a subset of CSR.
Responsibility vs. Liability
- Emphasis is placed on responsibility over liability, akin to self-regulation, to ensure fair practices and ethical standards in digital services.
Digital Era and AI Impact
- With the onset of the digital era, coupled with advancements in AI, there's anticipation of exponential growth, raising questions about regulation and the potential for professions to emerge from formerly contentious sectors like gaming, gambling, and digital lending.
Regulation Challenges
- Drawing parallels with the evolution of stock and commodity markets, the need for a holistic approach to regulation, considering societal, economic and environmental impacts is emphasised.
Taxation and Social Impact
- Discussions extend to taxation, where gaming and betting face a uniform 28% tax rate, reflecting ongoing debates surrounding liquor taxation and its social ramifications.
Acceptance with Regulation
- There's consensus on the acceptance of digital services with regulation, emphasising the need for responsible regulation rather than outright rejection.
Holistic Approach
- Advocacy for a holistic framework for regulating digital services, incorporating feedback from various stakeholders like healthcare professionals and digital lending experts, while addressing environmental concerns like e-waste and data centre emissions.
Inclusive Regulation
- The importance of inclusive and comprehensive regulation, considering societal, economic, and environmental factors, with a willingness to implement stricter measures, especially concerning the age group of 8 to 18.
Technology and Social Behaviour
- There was recognition of the reciprocal relationship between technology and social behaviour, suggesting that both influence each other.
- This underscores the need for nuanced approaches to regulation that consider technological advancements and societal norms.
