Central Board of Direct Taxes (CBDT) ambitious initiative to use the social media analytics to identify the tax non-compliance is a “$100-million project” for Infotech arm of the Engineering Giant Larsen & Toubro.
LT Infotech Chief Executive and Managing Director Sanjay Jalona stated that,”That is really advanced analytics. Now, that is like a $100-million deal for us. It’s not a small deal”.
He elaborated that the project involves creating a ‘semantic web’ where web pages are structured and tagged in such a way that can be directly read by computers. We are creating systematic web on a person. If his wife is going to Seychelles and putting the photos on the Instagram, we will capture it, that is really advanced analytics.
In an effort to shore up the tax collections in country with among lowest tax to the GDP ratios among its peers, Government has decided to use best that data analytics offers.
Since Demonitization, Government has been putting in lots of efforts to plug loopholes in Taxation System using the advanced technology and attempt got an added focus since RBI in June admitted that as much as 99 per cent of banned notes had returned to system, negating stated intent of cancelling 87 per cent of notes in circulation.