Categories
Blockchain
Get started
Ecommerce & Digital Marketing
Cloud Computing & DevOps
Get started
Undergraduate Course
Mentor Giri Job Boosters DTGyan Refer & Earn Register Today

February 11, 2021

Tech Highlights of Budget 2021|DataTrained

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 Corporate Affairs.

"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 and startups.

Where to Get Started?

Get started with Datatrained's Job Oriented Course Courses

Get Free Registation

Comments

More From AI Weekly Gossip

Continue watching...

5 Best AI-Based Healthcare Apps for 2021 | DataTrained

Watch Now

AI-Powered Exoskeleton Legs | DataTrained

Watch Now

How Artificial Intelligence Is Used In Today’s Robots | DataTrained

Watch Now

Top AI Powered Tools For 2021 | DataTrained

Watch Now

AI-Powered Smart Glass For Visually Impaired | DataTrained

Watch Now

Steps Taken By The Government To Use Artificial Intelligence For Education Transformation | DataTrained

Watch Now

Artificial Intelligence Reveals Current Drugs That May Help Combat Alzheimer's Disease | DataTrained

Watch Now

Top AI-powered Audio Transcription Tools for 2021|DataTrained

Watch Now

IISER Bhopal Uses AI-Supported Cameras To Ensure Masking Distancing | DataTrained

Watch Now

Best Programming Languages For Artificial Intelligence | DataTrained

Watch Now

Episode 12 | AI Weekly Gossip | Top 5 AI Startups of the India for 2020

Watch Now

Anti-Fraud Units, AI to Prevent Graft in Health Insurance Scheme | DataTrained

Watch Now

How Google’s AI-Based Product Discovery Solutions Is Upping The Retail Game| DataTrained

Watch Now

Tech Highlights of Budget 2021|DataTrained

Now Watching

UP Cops to Use AI to Read Faces and Help Women in Distress| DataTrained

Watch Now

Episode19|AI Weekly Gossip | Samsung, LG Highlight Food Tech Leveraging AI,IOT Solutions At CES 2021

Watch Now

Episode18| AI Weekly Gossip | Facebook Is Developing A News Summarising AI called TL;DR | DataTrained

Watch Now

Episode 17 | AI Weekly Gossip | Top AI-Based Movies Of 2020| DataTrained

Watch Now

Episode 16 | AI Weekly Gossip | Top AI Based Mental Health Apps Of 2020 | DataTrained

Watch Now

Episode 15 | AI Weekly Gossip | First Artificial Intelligence Tool To Detect COVID-19 | DataTrained

Watch Now

Episode 14 | AI Weekly Gossip | Japan To Fund AI Matchmaking To Boost Birth Rate | DataTrained

Watch Now

Episode 13 | AI Weekly Gossip | Salesforce Backed AI Project SharkEye | AI + OCEANS

Watch Now

Episode 11 | AI Weekly Gossip | AI Bot Protect The Identities Of BLM Protesters

Watch Now

Episode 10 | AI Weekly Gossip | The First AI Satellite Launch

Watch Now

Episode 9 | AI Weekly Gossip | "What PM Modi Said At RAISE 2020"

Watch Now

Episode 8 | AI Weekly Gossip| "Andhra Pradesh to introduce an AI-based ID system for pensioners"

Watch Now

Episode 7 | AI Weekly Gossip | AI-Based Facial Recognition To Strengthen law Enforcement

Watch Now

AI Weekly Gossip Episode 6

Watch Now

AI Weekly Gossip Episode 5

Watch Now

AI Weekly Gossip Episode 4

Watch Now

AI Weekly Gossip Episode 3

Watch Now

AI Weekly Gossip Episode 2

Watch Now

AI Weekly Gossip Episode 1

Watch Now