New Delhi: The GST regime will have a compliance rating system. Revenue Secretary Dr Hasmukh Adhia on Tuesday 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.
Adhia said the Compliance Rating will be put in place so that every trader or businessman can be rated based on their track record. Adhia said the Compliance Rating will be put in place so that every trader or businessman can be rated based on their track record. Once the rating is made public on the GSTN portal, a businessman can decide on whether to deal with another trader or entity who does not deposit tax with the government and therefore, has a low compliance score.
Addressing a Conclave on GST in New Delhi, 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 on Wednesday. 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.