: Cryptocurrency and blockchain can solve the GST credit logjam affecting India Inc, says this book #IndiaNEWS Smart contractsThe word “contract� usually brings with it visions of lawyers, reams

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Cryptocurrency and blockchain can solve the GST credit logjam affecting India Inc, says this book #IndiaNEWS
Smart contractsThe word “contract� usually brings with it visions of lawyers, reams of convoluted technical text, and the mandatory enforcement of the provisions outlined in all that text. A smart contract, comes with only the third part – the mandatory enforcement. Smart contracts are simply computer codes that facilitate any sort of exchange, whether it is of money, content, property, shares, or anything else of value. When placed on a blockchain, smart contracts become self-operating computer programs that can automatically execute actions when specific conditions are met. Because they are on the blockchain and can be coded in any way that the programmer wants, these smart contracts are extremely flexible and can implement any sort of a command that is agreed upon, without any possibility of it being hampered or interfered with.The applications of such a system are virtually (pardon the pun!) limitless. In countries such as India, especially, where tax legislation has become such that tax benefits of companies depend on the compliance of the company’s suppliers, the benefits of smart contracts become absolutely clear.Under the Goods and Services Tax (GST) system, companies can receive credits from the tax they pay on inputs only if the suppliers of those inputs upload the invoices...Read more

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