Blockchain tech to curb fake billing, GST evasion, 1st phase to be implemented soon

Blockchain is the same technology that is used to make cryptocurrency safe. 

New Delhi: The Central government is all set to use blockchain technology to curb fake billing and GST claims. In the first phase, the technology will be used for warehousing and monitoring of goods movement. With the technology, the government is aiming to catch fake claims immediately, especially in cases that file a fake supply of goods on paper. 

The government is likely to incorporate more new-age technologies to digitise the GST process. However, as of now, the government appears to be focussing on catching GST evaders through blockchain technology.

For the unversed, blockchain is the same technology that is used to make cryptocurrency safe. Several other industries are using blockchain technology to make their processes safer and more secure than ever. 

With the implementation of blockchain technology, the department is expected to receive accurate information in relation to the businessman filing for the claims. Moreover, the system also red flags fake billing and fake claims from the Blockchain system. 

The department is also likely to use blockchain technology for the monitoring of credit flow in GST. However, the technology won’t cause any problem to the working capital for businessmen.

Also, using blockchain technology there will be checking of credit movement in different businesses registered with the same Aadhaar.

SOURCE: ZEENEWS

https://zeenews.india.com/technology/blockchain-tech-to-curb-fake-billing-gst-evasion-1st-phase-to-be-implemented-soon-2435669.html