The Government is using data analytics, big data and Artificial Intelligence/Machine Learning in tax administration to make it more effective, free of official discretion, business and taxpayers friendly. This was stated by the Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha on March 27, 2023.
Data analytics is being used to identify fiscal risks, suspicious trends and patterns and risky entities in Customs and GST by leveraging big data, the Minister added.
Source: a2ztaxcorp.com
Latest Posts in "India"
- Meghalaya Extends VAT Exemption on Fruit Wine to 10 Years, Boosting Local Wine Industry
- Allahabad HC: Arbitrary GST Registration Cancellations Without Reasons Amount to ‘Economic Death’ for Businesses
- Chennai Fake GST Invoice Racket Busted; ₹350 Crore Evasion Suspected, Prime Accused Arrested
- Overpaid GST: Rectification or Refund? Understanding When to Adjust and When to Claim Refund
- Insurance Brokers Push for Zero-Rated GST to Restore Input Tax Credit and Prevent Premium Hikes
