SHIMLA, May 22 (PTI): The State Taxes and Excise Department is all set to introduce modern techniques of audit enforcement, including the use of Artificial Intelligence (AI), to enhance revenue, officials said on Monday.
The cabinet on May 17 gave sanction to the Revenue Enhancement and Capacity Augmentation project which will have special tools for data preparation to take prompt action against the defaulters thereby increasing the revenue of the State.
By employing cutting-edge tools and techniques and hiring experts, the department intends to address tax evasion, ultimately bolstering the State’s coffers. The implementation of this project will provide real-time data on GST defaulters, ensuring better oversight and informed decision-making process, a statement issued here said.
The project aims to overcome the obstacle of limited manpower for prompt analyzing taxpayer data to identify tax losses by leveraging AI technology, enabling fast identification of revenue leakages and providing precise information for augmenting the State’s GST revenue.
It is estimated that this project will generate additional annual revenue of Rs 250 crore for the State exchequer, the statement added.
Chief minister Sukhvinder Singh Sukhu said that the project will also enhance the capacity of departmental officers across core functions, fostering effective vigilance and enabling the identification of potential areas for revenue enhancement.
As the project progresses, the implementation of AI technologies will further empower the department to tackle prevalent challenges more efficiently, he said.
By embracing AI and incorporating advanced data analysis techniques, the excise and taxation department is poised to revolutionize revenue collection, combat tax evasion, and streamline the decision-making process.