The power of social media marketing: Igniting consumer engagement and brand awareness
Unlock the power of social media marketing to ignite consumer engagement and boost brand awareness. Discover the keys to success in today's digital landscape.
The government will soon come up with the details and the rules concerning the provision of ‘GST Compliance Rating’ for an assessee under the Goods and Services Tax (GST) structure that will be based on their credibility in filing tax returns.
Speaking at a GST workshop, Revenue Secretary Hasmukh Adhia said, "said a system of GST Compliance Rating will be put in place so that every trader or businessman will be rated based on their track record. The ratings will have four grades ~ A,B,C and D."
The rating will be judged by the computer automated software based on the track record of filing taxes properly and on time. 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.
Advertisement
If a taxpayer tries to evade tax, the software under IT infrastructure GST Network (GSTN) will be able to detect that and thereby downgrade its rating, Adhia said.
The rating scorecard is similar to the credit score that CIBIL provides based on the credit history of the borrower. Adhia said the government is working on the various parameters for determining the rating score.The rating will provide the name of the taxpayer as well as the GST Identification Number (GSTIN).
The IT body GSTN will be soon setting up call centres to help business and solve their queries. Adhia said GSTN has already shortlisted 34 companies to be the GST Suvidha Provider (GSP). The GSPs are mandated to address all queries of taxpayers and its other stakeholders.
Advertisement
