Blockchain technology to curb fake billing??
Blockchain technology is used to keep data secure, all the blocks are connected, so hacking it is also difficult. By now you must have heard about crypto that it is built on the blockchain. However, now the indian government will also use blockchain technology to curb fake billing and GST claims.
According to the information received, in the first phase, it will be done for warehousing and monitoring of goods movement. technology will be monitoring of credit flow in GST. There will be credit movement in different businesses registered with the same Aadhaar. Because of this, by showing the supply of goods on paper, those who take fake claims can be caught immediately.
If anyone makes a fake billing or GST claim, then the government will be able to easily catch the GST thieves through Blockchain Technology. The blockchain system of Fake Billing and Fake Claim will be red flagging immediately. There will be movement and documentation of goods under the blockchain system. With this, the business as well as the department will get the correct information. The consumer will not have to face any kind of working capital problem. There will be a system of credit flow from one state to another with ITC Ledger.
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