Role of Blockchain Technologies in Goods and Services Tax

Abstract

Technology is rooted in every field. Timely and accurate tax collection is a big change for tax authority. This can be solved by using technologies like artificial intelligence, blockchain technology, internet of thing and robotic system. The purpose of the study was to discover the potential applications and benefits of blockchain technology in the Goods and Services Tax (GST) system. This exhibits how blockchain can increase transparency, streamline compliance, improve auditability, secure data management, streamline supply chain management, and facilitate cross-border transactions under the GST framework provide detailed analysis on how they can promote. This study also discusses about the challenges and contemplations associated with implementing blockchain in the GST system. This study intends to offer a complete overview of the blockchain technology in the GST domain by examining existing literature, case studies & expert opinion.