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Compliance rating for industry under GST
PrintRevenue Secretary Dr Hasmukh Adhia has said, trade and industry will be assigned a 'compliance rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the Goods and Services Tax regime.
Mr. Adhia said the Compliance Rating will be put in place so that every trader or businessman can be rated based on their track record.
Addressing a Conclave on GST in New Delhi, Mr. Adhia said all efforts are being made to roll out GST from 1st of July and the industry too should brace for it. He said Telangana and Bihar have already passed the State GST (SGST) Bill in their respective state legislatures while Rajasthan is scheduled to pass it tomorrow. As many as 14 states have said they will pass the SGST Bills by mid of May and by 31st May, all state legislatures will pass the SGST bill.
The Secretary said, GST will mitigate the ill effects of cascading and improve competitiveness and liquidity of the businesses. The Revenue Secretary said, GST will bring benefits to all the stakeholders of industry, government and the consumer. He said, it will lower the cost of goods and services and will give a boost to the economy and make the products and services globally competitive.
Dr Adhia said, GST is largely technology driven and it will reduce the human interface to a great extent which will lead to speedy decisions. He said, GST will not fuel inflation in India unlike in other countries as India is moving from multiple to a single tax regime.
GST Network (GSTN) CEO Prakash Kumar said the GST Council in due course will approve the procedures to be followed for compliance rating and it will mostly depend on how a trader or business entity has complied with filing returns and other requirements under the Act.
The GSTN has already short-listed 34 companies to be the GST Suvidha Provider (GSP).
The GSPs are mandated to provide innovative and convenient ways to taxpayers and other stakeholders while interacting with GST Systems, from registration of entity to uploading of invoice details to filing of returns. #casansaar (NewsonAir)
Mr. Adhia said the Compliance Rating will be put in place so that every trader or businessman can be rated based on their track record.
Addressing a Conclave on GST in New Delhi, Mr. Adhia said all efforts are being made to roll out GST from 1st of July and the industry too should brace for it. He said Telangana and Bihar have already passed the State GST (SGST) Bill in their respective state legislatures while Rajasthan is scheduled to pass it tomorrow. As many as 14 states have said they will pass the SGST Bills by mid of May and by 31st May, all state legislatures will pass the SGST bill.
The Secretary said, GST will mitigate the ill effects of cascading and improve competitiveness and liquidity of the businesses. The Revenue Secretary said, GST will bring benefits to all the stakeholders of industry, government and the consumer. He said, it will lower the cost of goods and services and will give a boost to the economy and make the products and services globally competitive.
Dr Adhia said, GST is largely technology driven and it will reduce the human interface to a great extent which will lead to speedy decisions. He said, GST will not fuel inflation in India unlike in other countries as India is moving from multiple to a single tax regime.
GST Network (GSTN) CEO Prakash Kumar said the GST Council in due course will approve the procedures to be followed for compliance rating and it will mostly depend on how a trader or business entity has complied with filing returns and other requirements under the Act.
The GSTN has already short-listed 34 companies to be the GST Suvidha Provider (GSP).
The GSPs are mandated to provide innovative and convenient ways to taxpayers and other stakeholders while interacting with GST Systems, from registration of entity to uploading of invoice details to filing of returns. #casansaar (NewsonAir)
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