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What is GST Rating? On what parameters will the GST rating be based?
Similar to credit rating of companies, all registered taxable traders and businesses shall be rated based on their compliance with the provisions of GST.
Based on the tax compliance under GST, dealers and companies providing goods and services shall be rated and customers shall know these ratings by October. The rating shall be exercised automatically and feature on the web portal of GSTN or Goods and Services Tax Network.
The GST compliance rating is similar to performance ranking of all registered taxpayers under GST and it shall be done irrespective of the nature, size as well as turnover of the business entity.
On what parameters will the GST rating be based
Best practices of traders and businesses that include adhering to timelines in filing tax returns, tax payment, transactional behavior, business attitude , timely reconciliations, cooperation with GST authorities in addition to other factors shall come into play when deciding the rating for a concern.
The rating has been made mandatory under the new tax regime such that buyers of goods and services are able to figure out the best and most genuine suppliers.
Though the actual rating system has still not been notified, it can be prepared on a scale of 1-10, with 10 being designated to the trader who ranks the highest when it comes to compliance with GST provisions and 1 being the least compliant.
Commissioner of Commercial Taxes, Ritivik Ranjanam Pandey said, that the GST rating system is being worked on and is likely to be introduced sometime after the first round of filing of tax return and tax payments are slated to be completed on September 20.
Pandey further said ""The GSTN portal will assess the data after completion of filing of tax returns and tax payment. The rating would be displayed instantaneously".
GoodReturns.in
