Improving the Security and Speed of GST Tracking by Use of Artificial Intelligence’s Blockchain Real Time Technology

On 1st July 2017, Goods and Services Tax (GST) was implemented by the Indian constitution. The main aim of GST was to provide a common tax format for all. VAT was replaced by Goods and Services Taxes (GST) in India for the supply of goods and services. VAT has been digitalised into GST, which can be used to track the goods & services. VAT and GST alike, are indirect taxes and have the same rates of taxation. GST has a comprehensive, multistage, destination-based and uniform structure. The biggest benefit of GST is that double taxation was removed. The imposition of GST on every step of production means that it can be refunded to all parties involved in the various stages of production excluding the final consumer. However, there are several challenges with the current imposition of GST. The GST can be implemented using blockchain technology to record these transactions. Use of blockchain technology will enable the
system to be distributed, transparent, interoperable and highly secure. All the transactions in the blockchain are secured through cryptographic hash. Hence the system will eliminate unauthorized tampering of data in the chain. Many applications of Government and other industries are finding this technology efficient as it is highly secure and high speed operability with minimum cost. This can provide
transparency in the finance sector. Blockchain technology is a real time technology and can make them omnipresent. In this paper we will discuss about features, applications and usage of blockchain for GST and its benefits.