India’s Union Finance Minister Nirmala
Sitharaman in her Budget 2021 speech has proposed the usage of Artificial
Intelligence, Machine Learning, and Data Analytics for the Ministry of
"During the next financial
year2021-22, we'll be launching artificial intelligence, data analytics,
machine learning-driven MCA21 Version 3.0. This Version (3.0) is going to have
extra modules for Compliance Management, e-scrutiny, e-Consultation, and
e-Technology" said Sitharaman during the speech.
Technology industry experts opine that the
goal of this concept is to ensure easier compliance which may be done instantly
on an auto-pilot mode. Furthermore, the use of AI, ML, and also data analytics
guarantees interlinked databases.
The MCA's portal is one of the most
important platforms, particularly for the startup ecosystem, wherein all of the
stakeholders such as investors, regulators, and businesses submit their filings
at the portal.
Finance Minister Nirmala Sitharaman has
announced the use of deep analytics and artificial intelligence to track and
evaluate the tax evasion issue in GST along with the application of its in
e-Governance and to ease the compliance burden.
Based on the budget announcement, the Goods
& Service Tax Network (GSTN) capability has also been enhanced together
with the deployment of analytics and AI, which will assist the companies to
recognize the tax evaders and monitoring the fake billers.
The original announcement of deploying
artificial intelligence in the MCA-21 portal was produced in 2019, wanting to
make compliance less complicated and regular enforcement activities seamless.
However, with the financial announcement this year, artificial intelligence
appears to have a deeper effect.
The features of artificial intelligence and
machine learning will also ensure that the databases are interlinked to fill in
the known details for every user. This brings automation to the entire process,
allowing the carry-out of routine enforcement 24×7 via autopilot.
For the startup ecosystem, this shift is
now much more vital, as "MCA-21 shares essential info to different
stakeholders including the investors, companies, and regulators." Such action will just increase the authenticity and comprehensiveness of businesses