MapMyIndia geotags tax payers in government project
C.E. Info Systems Limited, which operates under the MapmyIndia brand and in the international market under the Mappls brand, on Monday said it is working on projects with the Central Board of Direct Taxes and GSTN in mapping direct and indirect tax sources in the country.
The company is going for its maiden public offer of 1 crore equity shares at a price band of Rs 1,000-1,033 per share on December 9. It constitutes an offer for sale from existing individual shareholder Rashmi Verma and investors Qualcomm Asia Pacific and Zenrin Co. Ltd.
“In both cases, the government wants to geotag or geocode where exactly all the taxpayers are so that they can geospatially analyse where the concentration of tax collection is and from where the tax is not coming,” said Rohan Verma, whole-time director and CEO, MapmyIndia.
“Because we have crores of addresses exactly geotagged and we have the platform to take in unstructured addresses and convert that into exact locations and the APIs and geospatial data analytics platforms, enterprises including the Government of India can do this which they could not do before,” Verma said while announcing the IPO.
From faceless assessment to auto filled annual information statements, the government has been leveraging technology to increase tax collection and curb evasion.
C.E. Info Systems in a statement on Monday said that around 50 per cent of the offer has been reserved for qualified institutional buyers, 15 per cent for non-institutional buyers and 35 per cent for retail individual bidders.
Of the QIB portion, 60 per cent is expected for allocation to anchor investors. The offer will run from December 9 to December 13.
Goldman Sachs and Morgan Stanley are reportedly among the institutional buyers keen on the public offer.