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GOODS AND SERVICE TAX COMPLIANCE RATING section 149 - GST Ready Reckoner - GSTExtract GOODS AND SERVICE TAX COMPLIANCE RATING Trade and industry will, irrespective of their nature, size or turnover of the business, 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 Regular updation of rating The GST compliance rating will provide the name of the taxpayer as well as the GST Identification Number (GSTIN) and will be displayed on the GST common portal. The rating scores shall be updated at periodic intervals. Higher rating - faster/more benefits It is expected by the Government that the scheme would urge businesses to become more compliant and help prevent tax evasion. A registered person with higher compliance rating may enjoy faster refunds, immediate input tax credit, reduced chances of audit by tax authorities , enhanced reputation, which in turn may help in the growth of his business. Buyers will look for sellers with higher rating which will ensure they can avail input tax credit faster .
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