UGC Approved Journal no 63975(19)

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Published in:

Volume 5 Issue 6
June-2018
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIRC006087


Registration ID:
184095

Page Number

485-494

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Title

CAN GST IN INDIA RIDE THE BLOCKCHAIN REVOLUTION?

Abstract

The much awaited Goods and Service Tax was introduced in India in 2017 under the BJP regime. It is indeed one of the most progressive financial system reforms to be introduced in the Indian economy. The law is made so as to incorporate and include all large and small Indian businesses in its purview. It is designed in such a way that businesses which had never ever paid taxes in history were all compelled to abide by the law. The government thereby managed to ruffle many an industrial feather! The tax law according to experts is excellent in its drafting and aims for maximum benefit to businesses as well as consumers, and at the same time, increasing the government revenues. However, the systems and infrastructure backing the implementation of the GST was fraught with many issues. Hence, the transition from the older tax system to GST was not seamless. In fact, small and medium businesses were totally overwhelmed with the compliance procedure which is byand large digital. This paper tries to identify and address the problems in the GST system. This paper in theory, proposes a transition of the current system of GST network to Blockchain technology. Blockchain is a forward looking, highly sophisticated and secure distributed record keeping system which will help in the storage and analysis of large amount of taxpayer database which can be traced down to all past transactions. The system would include all the entities involved in the transaction and hence accord transparent and tamper free transactions. The model is based on consensus and hence all the transactions will have to be validated and approved of, by all the members of the group before the transaction. It is a system based on trust and autonomy which will make the life of at taxpayer easy and the process of tax collection efficient. The paper explores the solutions that Blockchain can provide in dealing with the current problems of GST implementation.

Key Words

Block Chain, Goods and Services Tax, Validation, Smart Contracts, Electronic Ledger, Tax Evasion, Input Tax Credit, Block, Hash, Encryption

Cite This Article

"CAN GST IN INDIA RIDE THE BLOCKCHAIN REVOLUTION?", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 6, page no.485-494, June-2018, Available :http://www.jetir.org/papers/JETIRC006087.pdf

ISSN


2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"CAN GST IN INDIA RIDE THE BLOCKCHAIN REVOLUTION?", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 6, page no. pp485-494, June-2018, Available at : http://www.jetir.org/papers/JETIRC006087.pdf

Publication Details

Published Paper ID: JETIRC006087
Registration ID: 184095
Published In: Volume 5 | Issue 6 | Year June-2018
DOI (Digital Object Identifier):
Page No: 485-494
Country: -, -, -- .
Area: Engineering
ISSN Number: 2349-5162
Publisher: IJ Publication


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