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GST Review October-2023


Mayur R. Parekh
Happy Navratri to all the subscribers of our esteemed mouth piece Journal GST Review. Hope you all must be enjoying Navratri along with compliances of Income Tax and GST. The Centre is working on a database of suppliers that will rank them on the basis of their goods and services tax (GST) compliance track record, credit history, transaction and supply history besides any past defaults. The mechanism could be brought in the upcoming vote-on-account and introduced from the next financial year. “Businesses can choose which vendors are compliant and which are not so they will be able to ascertain the risk ahead of engaging in business with them,” a senior finance ministry official told ET. The move will improve compliance among small suppliers and prevent blocking of input tax credit of large businesses due to default of suppliers. The industry had been demanding a GST compliance rating for vendors and had asked the CBIC to implement it in this.......