The conventional systems used by regulators for taxation are centralized and prone to corruptibility. Blockchain based systems have benefits like immutability of transactions, permissioned ledger to address confidentiality and privacy. Smart contracts can enable automation, trust, transparency and increased collaboration.
Inter-organizational transparency & process efficiency needs to be built across the taxation ecosystem to reduce the cost of tax compliance, curb revenue leakages and reduce exploitation of tax exemptions. To transform the broader tax ecosystem and not just internal processes, a need was felt to create a trust-based institutional collaborative platform for multiple entities to share data securely and concurrently in real-time by leveraging blockchain technology.
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Digital, trusted and seamless experience for citizens provided by the taxation authorities
Use cases that automate compliance:
Use cases that assist in lending business:
Rethinking trust in tax compliance
Seamless, secure collaboration between banks and income tax systems, no negative impact on current workflows
Near real time tracking of income information and assets. Accurate monitoring of the usage of rebates provided to tax payers
Instant authentication of information provided by tax payers making banks more confident
Procurement of online approval of taxation authorities when properties of corporates are mortgaged by banks