Blacklisting, Blacklisting of Taxable Person under GST

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 ?

Blacklisting, Blacklisting of Taxable Person under GST

Prompt Filling of eReturn

Blacklisting, Blacklisting of Taxable Person under GST

Prompt payment of tax collected

Blacklisting, Blacklisting of Taxable Person under GST

Prompt payments in lieu of reversed Input Tax Credit

Blacklisting, Blacklisting of Taxable Person under GST

Avoid any Discrepancies

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INC-22: Change of Registered Office – Process, Due Date and Applicability

INC-22 is the form used to intimate the ROC about a change in the registered office of a company. This guide covers when INC-22 is required, the due date, documents, and the different procedures for changing the registered office within a city, to another city in the same state, and to another state.

By |2018-12-06T15:43:24+05:30June 2nd, 2017|Blog, Manage Taxes|
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