New Delhi, Aug 23 (IANS): The Goods and Services Tax Network (GSTN) is organising the GST Analytics Hackathon, with prize money of Rs 50 lakh, to drive innovation in tax compliance through predictive analytics, according to a Finance Ministry statement issued on Friday.

The challenge invites Indian students, researchers, and professionals from startups and companies to develop a predictive model for the GST analytics framework. The Hackathon would take place over 45 days from the start of registration to the final date for submission of developed prototypes.

The Hackathon is open to Indian nationals affiliated with academic institutions or business organizations.

Participants can compete for a total prize pool of Rs 50 lakh, which includes a first prize of Rs 25 lakh, a second prize of Rs 12 lakh, a third prize of Rs 7 lakh, and consolation prizes worth Rs 1 lakh.

Additionally, a special prize of Rs 5 lakh will be awarded to the best performing all-women team, the official statement said.

Prospective participants can register and access detailed information, including data sets and competition guidelines, at: https://event.data.gov.in/event/gst-analytics-hackathon/

"All eligible innovators are invited to join in creating an advanced analytics model in GST. This initiative by GSTN provides an excellent opportunity to innovate and contribute towards nation building, with scope for personal rewards at the same time," the statement added.

Meanwhile, GST collections have maintained their growth momentum with total gross revenue rising by 10.3 per cent year-on-year in the current financial year bringing the total so far (April to July) to Rs 7.4 lakh crore.

This increase in GST collections also highlights robust compliance and expansion of GST coverage across various economic activities.

The upward level shift is reflected in the average monthly GST collections rising from Rs 1.68 lakh crore in FY24 to Rs 1.85 lakh crore in FY25.

The year-on-year increase in e-way bills reached a nine-month peak of 19.2 per cent with the total number of e-way bills issued in July surging to 10.5 crore, setting a new single-month record.