New Delhi: The GST Network has invited bids from private companies for its Fraud Analytics project which will do “360-degree” profiling of taxpayers for early detection of frauds.
Fraud Analytics project has been envisaged to leverage power of big data and advanced analytics to enable GSTN to reduce fraud evasion and increasing tax compliance. It will create risk based matrix with the aim to increase tax revenues and increase tax base.
The analytics company to be roped in will have the mandate for designing and developing a Fraud Analytics System.
The system will take about an year to be operational and leverage existing data pertaining to GST registration, return filing and e-way bill, along with the information from other external sources such as Financial Intelligence Unit, CBDT, banks and state tax departments.
The company should have experience in implementing advanced analytics, the GSTN said in the Request For Proposal. The fraud analytics company would be tasked with establishment of taxpayer’s identity.
