How Technology and Blockchain are Changing the World of Taxation

In this taxation world, many aspects of the digital revolution are still welcoming. These can give rise to considerable benefits now. Blockchain technology has emerged as a solution in case of indirect taxes also. This technology can transform the tax regime and can contribute majorly to digital India. Transparency of the system will remove all the loopholes from the system and tax evasion will also become impossible which will ultimately lead to a reduction in frauds and a tampered proof system. The concept of digital taxes, a new type of tax such as value-added tax (VAT), income tax, e-commerce tax, and stamp tax has emerged. The drastic change in digital tax compliance and digital governance has led to an evolving role for the stakeholders involved, such as businesses, the government, and tax consultants. This paper examines how technology and blockchain are changing the world of taxation.