The Economic Survey 2018 estimates that GSTN implementation has increased the indirect taxpayer base by more than 50 per cent, with 3.4 million businesses coming into the tax net 12. It appears that the number of GST registrants has risen due to a large increase in voluntary registrations. Small B2C firms want to be part of the GSTN because they buy from large enterprises.
The role of the central bank in the tokenised debenture token market was therefore similar to the current role played by the central bank. Our attempts to learn more about the relevant technology have been guided by a few principles that can also be referred to as ‘the five Ps of fintech policy exploration’.