You must have heard many news about the evasion of GST (Goods and Services Tax). At the same time, the government is very serious to stop it. It is taking several steps to stop GST evasion. The government will use blockchain technology to crack down on tax evaders. This is the same technology that is used for Crypto.
Technology with Crypto for GST
Steps will be taken to prevent Fake Billing of GST, GST evasion with Crypto technology. Blockchain technology will be used to check fake billing and GST claims. In the first phase, it will be used for warehousing and monitoring of goods movement. With this, those who take fake claims by showing the supply of goods on paper can be caught immediately..
Will help to stop Fake Billing
With this system, there will be instant red flagging of fake billing and fake claims. There will also be monitoring of credit flow in GST through technology.
GST Blockchain Stakeholders
Commercial tax departments of states, Central Board of Indirect Taxes and Customs (CBIC) and Enforcement Directorate (ED) will be involved in this initiative. At the same time, the Directorate General of Foreign Trade and various central and state authorities have also been given this right.