Often the news of GST theft keeps coming to the fore. But now the government is going to take new steps to stop it. Now blockchain technology will be used by the government to curb fake billing and GST claims. In the first phase, it will be used for warehousing and monitoring of goods movement.
Fake claim takers can be caught easily
With this technique, those taking fake claims can be caught by showing the supply of goods on paper. In the process of digitization of GST, work is going on on many more new technologies. Blockchain technology is the same technology that is used for Crypto.
Warehousing monitoring in the first phase
In the process of digitization of GST, work is going on on many more new technologies. At the same time, work is going on on blockchain technology to monitor warehousing. Movement of goods and documentation will be done under this system. With this, the department will also get accurate information along with the businessman.
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. There will also be credit movement in different businesses registered with the same Aadhaar. Due to which there will be no problem of working capital. Credit flow from one state to another will be arranged through ITC (Input Tax Credit) ledger.
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.