Black Listing of Taxable Person under GST

The supposed to be revolutionary Goods and Services Tax law will introduce a system of compliance rating mechanism. Every taxable person will be awarded a score based on their prompt filing, timely payment, other discrepancies and parameters as prescribed. Bad compliance scores can trigger blacklisting of the assessee and blocking of their respective tax credits.

This new concept demands every taxable entity to be vigilant and aware of all the compliance’s, blacklisted defaulters will not be able to claim any credit since they will not be able to declare the details of any outward supply.

Defaulters of even a single event should also be flagged and be published in public domain so as to alert the buyers thereby discouraging them to transact with a defaulter assessee.

The Compliance Rating Mechanism shall be applicable to all registered dealers including those who have opted for composition scheme.

How to maintain a good compliance rating ?

Prompt Filling of eReturn

Prompt payment of tax collected

Prompt payments in lieu of reversed Input Tax Credit

Avoid any Discrepancies

Income Tax for NRI

Income tax rules for NRIs in India. Covers residential status determination, taxability of Indian income, TDS on NRI income, applicable ITR forms, DTAA benefits, and how NRIs can claim tax relief on double-taxed income.

External Auditor vs Internal Auditor

External auditor vs internal auditor compared. Covers roles, scope of work, appointment, reporting lines, independence requirements, and how statutory and internal audit functions complement each other in Indian companies.

All about the New GST Returns

New GST return system explained. Covers the proposed GST RET forms replacing GSTR-1 and GSTR-3B, ANX-1 and ANX-2 annexures, input tax credit matching, and what the new return structure means for GST-registered businesses.

Previous 119120121 Next

Amit Kumar

Corporate Law Practitioner | Founder & CEO, Tradeviser.in
Law Graduate with 10+ years of experience in Compliance, Taxation & Company Law. Founder of Tradeviser.in, working to simplify compliance and help businesses grow with confidence.