BLOCK-CHAIN TECHNOLOGY TO BE USED TO CURB FRAUDULENT BILLING AND GST EVASION

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In order to curb false billing and GST claims through fake invoice, the  Government is planning to deploy blockchain technology. 


The system will be utilized for storing and tracking goods movement in the initial phase. The government hopes to use the technology to uncover bogus claims as soon as possible, particularly in cases when *a fake supply*  is filed on paper.

To digitize the GST process, the government is likely to adopt additional cutting-edge technologies.

Blockchain is the same technology *that ensures the security* of bitcoin. Several other sectors are using blockchain technology into their processes to make them *safer and more secure* than ever before.

In addition, the department is also expected to deploy blockchain technology to *track GST credit movement*. Credit movement in different firms registered *with the same Aadhaar* would be checked using blockchain technology.


Futurestic!


*SRIVATSAN.R.*

NACIN, Chennai

Comments

  1. RaghuramanFebruary 21, 2022 at 9:39 PM

    Government already was successful in curbing the Wrong GST claims prior to introduction Block chain. How fat this new technology is superior than the existing analytic practises. This need a mention here

    ReplyDelete
    Replies
    1. LDR GST- redefine your GST expertiseFebruary 24, 2022 at 7:56 AM

      As we may observe the fake bill racket is being discovered from time to time, and apparently it causes big damage to ex-chequer. Block chain technology will be ideal to trace where does the ITC chain breaks down, which to my knowledge is semi-automated and laborious too at the moment.

      Delete

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